India plans to increase its aid to Cuba through a credit of 100 million euros that should be used to meet the island’s cereal needs, according to the Indian newspaper Financial Express Onlinewhich cites a high-ranking official as a source.
“Talks are in advanced stages to give the green light to a 100 million euro line of credit for Cuba. It is being expanded in an effort to help the country meet its grain shortage, among other things,” the source said, He added that the credit will be formalized at the end of the month and that, once the agreement is reached, the grains can be exported. The priorities will be wheat, rice, beans and chickpeas.
The food industry, sugar, renewable energy, agriculture and light industry sectors are the areas with the most options
As the newspaper recalls, India recently gave Cuba another credit line of 75 million dollars for the installation of solar panels. The Cuban ambassador, Alejandro Simancas Marín, told the Financial Express Online which has studies that indicate that India has many business opportunities on the island. The sectors of the food industry, sugar, renewable energy, agriculture and light industry are the areas with the greatest options.
The newspaper also refers to the so-called “Indian bread”, a shipment of cereals and wheat from the country after the fall of the USSR.
The outlet consulted with a political analyst, Aparaajita Pandey, who points out that Latin America and India have a strong potential for cooperation despite the cultural and language barrier, although she does not refer to the specific case of Cuba.
Since the current president, Ram Nath Kovind, took office, relations between his country and the Island have been strengthened. In fact, in 2018 he was the first Indian leader to visit Cuba in more than six decades.
In recent years, India has sent donations to Cuba, including 2 million dollars to alleviate the ravages of Hurricane Irma in 2017 or batches of agricultural equipment valued at 5 million dollars to promote bilateral cooperation in the agricultural sector.
In the energy field, the Indian state oil company ONGC has been involved in deepwater exploration in the Mariel Special Development Zone, in a project together with Spain’s Repsol and Norway’s Statoil-Hydro.
In October 2018, the construction of a 50 megawatt (MW) wind farm with Indian financing was announced, although the amount of the operation was not disclosed.
In October 2018, the construction of a 50 megawatt (MW) wind farm with Indian financing was announced, although the amount of the operation was not disclosed.
Also in the area of tourism there has been an increase in relations. The hotel chain MGM Muthu Hotels has been on the island for four years, the only destination in the Caribbean where it is present and has eight hotels, two of them still under construction.
In addition, workers of that nationality have worked in Cuba in the construction sector in recent years. The official press has praised his special performance –”They pay three or four times more than Cubans”, although they did not specify that, according to business sources, their salary ranged between 1,200 and 1,600 euros per month, more than 20 times the salary earned by a Cuban builder.
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