Cuba Business

Iran makes $200million loan to Cuba

Posted June 17, 2007 by publisher in Cuba Business.

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.

Member Comments

On June 17, 2007, publisher wrote:

Hmmm, a news story from Iran about Cuba. Pardon me if I am a bit skeptical about the facts.

First, let’s not call this a loan please. Sorry Fidel but I have not heard good things about you paying back “loans”. Doesn’t any foreign country like China and Venezuela understand that when they say “loan” you hear “gift”?

Why is an Iranian news agency quoting the figure in US dollars? Why not Euros or Cuban convertible currency?

Forgive my snickering but when I read “promote marketing of the Iranian-made cars in Cuba” I have to laugh… twice. Once because the word “marketing” and “Cuba” don’t really belong in the same sentence and my second chuckle comes from reading “Iranian-made cars”.

Lastly, current annual trade between Iran and Cuba is $4.5million and Iran is going to loan $200million to Cuba? That’s some increase in confidence!