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Cuba to set up a fund for industrial development

Cuba to set up a fund for industrial development

Havana, Dec 13 (Prensa Latina) Cuba will shortly have a Fund for Industrial Development, one of the novel initiatives the Council of Ministers approved to help boost this sector.
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Its objective is to provide loans for medium and long term investments, Deputy Minister of Industries Ernesto Cedeño told the press, adding that credits will be granted to mainly to strategic industries key for the country’s development.

The purpose of this fund is also to promote diversification of exports and productive chains, modernize factories, and generate and increase added manufacturing value.

According to Decree 59 of the Council of Ministers, which establishes its creation, the Ministry of Industries administers the fund and the amounts to granted, companies must have contributed to its creation, as well as defend their projects before a commission set up for this purpose.

All industrial stakeholders will have access, which means that private sector enterprises will be able to get support for their proposals if they meet the requirements.

The fund is reimbursable, considers the needs and priorities of the sector, and is managed as a complement to the economic plan, according to the indications issued by the Ministry of Economy and Planning.

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