Iran, Cuba reinforce economic ties

Iran and Cuba inked a memorandum of understanding at the end of their 14th Joint Economic Commission in Havana on Friday to expand bilateral economic cooperation.

Iranian Roads and Transportation Minister Ali-Akbar Mehrabian and Cuban Transportation Minister Jorge Luis Sierra Cruz signed the MOU, based on which Iran boosted its credit line to Cuba by 300 million euros, to the ceiling of 500 million euros.

Two hundred and fifty million euors of the sum will be allocated to the implementation of small- and medium-scale fast-yielding plans within a range of 1-10 million euros, Islamic Republic of Iran Broadcasting reported.

The remaining 50 million euros will be spent on buying technical- and engineering services, building factories, and importing Iranian-made goods such as dairies, fruit juices, beverages, and home appliance.

On the sidelines of the signing ceremony, Mehrabian touched on achievements and capabilities of Iran in the field of engineering, and expressed the state-run and private sectors to broaden their activities in Cuba.

The Cuban minister, for his part, said Iran plays an important role in Cuba”s international relations arena, praising Iran”s breakthroughs in the field of high-tech industries.

In addition to the aforesaid MOU, another accord was signed between the two sides” private sectors to boost Iranian exports of home appliance, transportation equipment, and raw materials to Cuba.

Mehrabian also met Cuba First Vice President Machado Ventura. In the meeting, they accentuated the fastest possible execution of the agreements and removing hindrances on the way of expanding economic and trade relations.