Cuba signs credit deals with Saudi Arabia

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Cuba has raised two long-term credit facilities from Saudi Fund for Development  to fund the import of Saudi goods for infrastructure development.

The deals comprise a $50 million a five-year revolving credit  and a $29 million term loan. The term loan will fund rehabilitation of the water supply system in the city of Cardenas and the revolver will back equipment purchases. According to a statement from Cuba’s foreign trade minister, Rodrigo Malmierca, the first contracts for the import of Saudi agricultural machinery have already been signed.