Iran has pledged to grant a $ 200 million loan to Cuba as the two countries are bent on stepping up economic ties.
The agreement was reached on Friday during a meeting between the visiting Iranian Minister of Industries and Mining, Alireza Tahmasbi, and his Cuban counterpart.
Following the signing ceremony, the Iranian minister met with Cuba’s acting president Raul Castro who has been in power since July last year when Fidel Castro underwent surgery.
The two countries agreed to boost cooperation in spheres of mining, railroads, agriculture, biotechnology and to promote marketing of the Iranian-made cars in Cuba.
Iran vowed to transfer the much-needed technology for modernizing Cuba’s irrigation systems and help the communist country in its dam-making projects.
Official figures show that the annual volume of trade exchanges between Iran and Cuba presently stands at over $ 4.5 million, IRNA reported.