Cuba grants foreign currency loans to small and medium-sized enterprises and non-agricultural cooperatives

HAVANA, Cuba, Nov 2 (ACN) Cuba authorized Financiera Iberoamericana S.A. ( Ibero-American Financial Institution) to grant credits in foreign currency to Non-Agricultural Cooperatives (CNA its Spanish acronym) and micro, small and medium-sized enterprises (Mipymes by its Spanish acronym),

Resolution 285/ 2021 of the Central Bank of Cuba, published in the Official Gazette, provides that, with the prior approval of this body, these loans may be made.

In accordance with this provision, a new license was granted to Financiera Iberoamericana S.A. to develop all those activities required for non-banking financial institutions in accordance with Article 14 of Decree-Law 362 "On the Institutions of the Banking and Financial System".

The 324 Mipymes and CNAs are spread throughout all the provinces of the country, 22 are part of local development projects, 15 have previously carried out export operations and four are located in the Science and Technology Park of Havana.

It is estimated that in total these economic actors generate approximately 4,468 new jobs in the economy.