Iran allocates credit line to Cuba

Iran allocates credit line to Cuba

 Iran has allocated a credit line of 500 million euros (about 685 million U.S. dollars) to Cuba, local Tehran Times daily reported Thursday.

Abel Salas, vice president of Cuba's National Institute of Water Resources, announced the allocation Wednesday at a meeting with Iran's deputy energy minister in Tehran.

Salas expressed hope that a portion of the credit line would be used for the reconstruction of Cuba's energy system.

Iran and Cuba signed a protocol for economic and trade cooperation in September during Iranian Vice President Mohammad Reza Rahimi's visit to Havana. The protocol stipulated that Iran would expand its credit to Cuba from 270 million to 680 million U. S. dollars.

It also included accords on the two countries' collaboration in industry, energy, trade, health, finance, biotechnology and hydraulics.

Iran has been producing equipment for rail systems and synthetic media for the Cuban market under a 2009 agreement. The expansion of credit will also support the program.

Editor: An

English.news.cn   2011-11-03 17:13:10 FeedbackPrintRSS
TEHRAN, Nov. 3 (Xinhua)