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Russia to offer tied loan to Cuba

      RBC, 27.09.2006, Moscow 10:23:20.An intergovernmental accord will be signed during Russian Prime Minister Mikhail Fradkov's visit to Cuba on September 28-29 to provide a state loan worth $355m to finance purchases of Russian goods and services, RBC was told by a source within the Russian delegation accompanying the PM on this visit.

      This agreement was approved for signing at a Russian government meeting on September 14, and the Finance Ministry was instructed to facilitate the required funds for this purpose.

      This will be a tied loan to be used towards purchasing Russian automobiles and equipment, and thus it will support Russian exports, the source explained. "This is a pilot project aimed at supporting Russian exports. If it goes well, this practice may be expanded through offering tied loans to other countries," he said.

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