http://havanajournal.com/business/entry/china-gives-cuba-600000-in-loans-credits-and-grants-with-commentary/

HavanaJournal.com: Cuba Business

China gives Cuba $600,000 in “loans”, credits and grants - with commentary

Posted September 03, 2009 by publisher in Cuba Business.
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(Article by AFP - comments added by Havana Journal Publisher)


Wu Bangguo (R), President of the Parliament of the People’s Republic of China, and his Cuban counterpart Ricardo Alarcon pose after a wreath-laying ceremony at the Jose Marti monument in Havana. AFP PHOTO (Jose Marti died fighting against Spain’s control of Cuba and here’s China buying their way into Cuba. It’s shameful to honor Jose Marti in this way.)

China provided its ideological ally Cuba 600 million dollars in loans and grants (they really mean just grants since Cuba doesn’t pay back loans) Wednesday during a visit to strengthen ties by the Asian giant’s parliamentary head Wu Bangguo, diplomatic sources said.

Wu, the second most powerful man in China’s ruling Communist Party, arrived Tuesday night on the communist-ruled island for a three-day visit (to lock up valuable natural resources with a $600 million gift).

He and Cuban parliamentary chief Ricardo Alarcon oversaw the signing of a series of agreements, including for a loan worth 260 million dollars for the purchase of 10 grain shipments (China loans Cuba money so it can buy Chinese grain. You think Cuba would be able to grow their own grain rather than get a loan to buy it from China. Nice job Fidel.), as well as a 300-million-dollar loan to help improve Cuba’s telecommunications network (Now that’s funny. MAYBE this investment is for telecommunications for the military but for the average Cuban, no. Fidel does not want the Cuban people to communicate otherwise he’ll have millions of Yoani Sanchez’s).

A Chinese credit also will be invested in Cuban television, a spokesman of China’s diplomatic mission told AFP, without specifying the amount.

In addition, Beijing donated nine million dollars, offered an official credit in the same amount (so nine million now and nine million when Cuba asks for more?), and provided a one-million-dollar preferential line of credit (no strings attached gift), all for investment in projects determined by Cuba’s government.

The two nations also broadened cooperation in areas such as traffic signal systems, agriculture and animal husbandry. (China “sells” stuff to Cuba while China locks up natural resources.)

Wu is to hold talks with senior Cuban officials, and meetings have not been ruled out with President Raul Castro and Fidel Castro, the revolutionary icon who handed the presidential reins to his younger brother last year.

The visit coincides with a trip to Asia by Cuban Foreign Minister Bruno Rodriguez, who was in Beijing on Wednesday (who is trying to get more money out of China).

China is a vital source of funding for Cuba (ya think?), and is its second largest trading partner (trading partner… that’s funny. I think the article means benefactor) after Venezuela, with annual bilateral trade (more “loans”, credits, preferential pricing, gifts, cash and prizes) reaching about 2.6 billion dollars.

(With business like this, Cuba doesn’t need tourism, nickel or oil. What a shameful economy Fidel has built. He has whored Cuba out first to the Russians and now to Venezuela and China. Nice job Fidel.)

Member Comments

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On September 03, 2009, pipefitter wrote:

Just peanuts compared with what the US has chaulked up in foreign debt with China mostly. US debt $13,000,000,000,000 worldwide (#1 on CIA foreign debt list) or $42,343 per person in the U.S., 95% of GDP. Cuba $16,790,000,000 (#74 on CIA list) or $194 per person, 13.38%of GDP

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On September 05, 2009, john wrote:

Appears that China intends to participate in a large way in Cuba’s future. Castro and Alarcon eagerly welcoming the much needed ‘loans’ etc.
We could soon see Chinese manufacturing businesses based in Cuba supplying the large American appetite for cheap goods. Then, what would “Made in P.R.O.C” mean? Peoples Republic of China, or, Peoples Republic of Cuba? Much the same really, the only difference is a 50 year embargo.

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On September 05, 2009, pipefitter wrote:

Because of the embargo the U.S. is loosing out big time. Just when the U.S. needs all the trade it can get too!