An Indian bank extends a credit of 100 million euros to Havana

The Banco Exterior de Cuba and the Exim Bank, a state bank in India, signed an agreement to open a line of credit worth 100 million eurosthe highest number that that entity has granted to Havana so far.

The Cuban deputy prime minister, Ricardo Cabrisas, who arrived in India after passing through France to negotiate with the Paris Club, to which the Cuban government owes more than 5,000 million dollars, and spending several days in Russia, and the deputy minister of Foreign Affairs of the Asian country, Saurabh Kumar, met after the agreement to discuss the prospects of bilateral relations, the official Prensa Latina reported.

Cabrisas highlighted the role that India can play in the development of sectors such as renewable energy sources, agriculture and biotechnologyidentified as priorities in the National Economic and Social Development Plan of the Island and in which the Asian country has already invested.

Havana seeks alliances and sources of liquidity in other countries. Parallel to the signing of this agreement, the Deputy Minister of Foreign Affairs of Cuba, Anayansi Rodríguez, and her counterpart from India described the bilateral political consultations as fruitful and ratified their willingness to strengthen collaboration, according to the report.

The information does not specify in what the millionaire sum will be invested. However, judging by the credit figure, It could be the one agreed last April to “help the country meet its shortage of cereals and more”according to an Indian newspaper at the time.

The Cuban Government hopes with the money to stock up on wheat, chickpeas or mungbut also of other products that used to be produced in abundance on the Island, such as rice, black or red beans.

In January this year, the state-owned company NTPC Ltd, the largest integrated power producer in India, launched a tender to develop solar parks in Cuba with a generation capacity of 900MW.

The solar parks would be distributed, according to the company, in 175 locations in the 15 provinces of the Island, whose Government is a member of the International Solar Alliance (ISA), made up of 121 tropical countries, and which has its headquarters in the Indian city of Gurgaon, local outlet PV Magazine reported.

It is not the first time that the Exim Bank, an entity specialized in export and import, has financed the Cuban authorities.

In 2012, it granted five million dollars to Havana to finance the installation of a powdered milk processing plant in Camagüey.y in 2019 another 75 million allocated to the installation of photovoltaic solar parks of 75MW on the Island.

This latest deal involved the supply of goods, works and services for at least 75% of the contract price, while the remaining 25% could be purchased by the seller outside of India, according to deal documents.

Havana blames the US embargo for the serious economic situation in the country. Nevertheless, The Government of the Island maintains fluid economic relations with more than 70 countries. With several of them it has overdue debts or in the process of renegotiation due to its inability to comply with the agreements.