Russia to Provide Funding of $1 Billion for Investment Projects in Cuba

Russia will provide funding of $1 billion dollars for investment projects in Cuba, according to Dmitry Chernyshenko, deputy prime minister of the Russian cabinet. The official shared the news at a press conference with the Cuban media.

Chernyshenko shared the news after the conclusion of Russia-Cuba talks held in the Kremlin on May 7, between Presidents Vladimir Putin and Miguel Díaz-Canel Bermúdez. Díaz-Canel is in Russia to participate in the commemoration of the 80th Anniversary of the Victory of the Great Patriotic War.

According to Chernyshenko, the two nations share a remarkable level of collaboration and mutual understanding, thanks to joint efforts over the past eight years.

Chernyshenko said that Russia has developed a modern framework that provides opportunities for domestic entrepreneurs to contribute to the Cuban economy.

He mentioned the trade and economic agreement to 2030, a document signed in 2023. The 2030 plan outlines the commitment of Russian companies and entrepreneurs to invest over a billion dollars into the Cuban economy.

Chernyshenko also stated that during the discussions, President Putin spoke about the implementation of a mechanism to provide financial assistance to Russian entrepreneurs, enabling them to invest in the Cuban economy in sectors such as energy supply, agriculture, and electricity.

The Russian official referred to tourism as one area of cooperation between both countries, citing the island’s natural beauty and Cuba’s award-winning beaches.

He also discussed Russia’s goal of becoming the country with the most presence of tourists in the Cuban market.

In other related tourism news, Cuba will soon take part in a tourism event in July in Moscow.

This year represents the 65th anniversary of diplomatic relations between Cuba and Russia.