Cuba Business

Iran wants to loan more money to Cuba, up to 500million Euros

Posted June 15, 2008 by publisher in Cuba Business.

Islamic Republic News Agency

Iran’s minister of industry and mines on Sunday called for raising the level of Iran-Cuba credit line to 500 million euro.

Speaking On the sideline of the Iran-Cuba joint cooperation committee meeting in Tehran, Ali Akbar Mehrabian noted that a credit line of 200 million euro has been ratified for Cuba.

Referring to the value of bilateral contracts, Mehrabian called for an increase in the credit line to 500 million euro.

Referring to the increasing trend of bilateral economic cooperation, he put the value of the two countries’ economic accords at 231 million euro of which 200 million euro is in circulation.

Pointing to bureaucracy as a main obstacle to expansion of two countries’ ties, Mehrabian noted that Iranian officials always have emphasized the need for removal of red-tape.

The minister also expressed hope that by eliminating bureaucracy, bilateral ties would further expand.

Member Comments

On June 15, 2008, publisher wrote:

With China giving Cuba free buses and appliances, Venezuela giving Cuba free oil, Russia forgiving debts and other countries basically giving Cuba money and free stuff, Cuba selling off oil blocks out in the water… you would think Cuba would be a rich, self sustaining country.

That darned Embargo though right? That’s why Cuba is a poor country? Cuba is poor because of Fidel Castro, communism and a centrally controlled economy that does not work.

Maybe Raul will let the Cuban people be free so they can work where and when they want, travel where and when they want and vote for who they want?

Probably not.

On June 18, 2008, cubanpete wrote:

In the fullness of time, Iran will have to be prepared to write off its loans to deadbeat Cuba.  Ask Russia about Cuba’s credit history.