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January Friday

Cuba Economy has Taken on over 1300 MSMs

Havana, Jan 5 (ACN) Cuba’s Economy and Planning Ministry approved 86 new micro, small and medium companies on Wednesday, which takes the number of those enterprises to 1374 after the most recent approval of another 81 applications on December 29.

Out of the 86 MSMEs approved Wednesday 84 are private entities and two coops dedicated to construction services in eastern Holguin province.

A breakdown of the 1374 new companies approved since December when the government’s initiative kicked off indicates that 1326 are private businesses, 26 are state-owned and over 20 are cooperatives. A total 58 percent upgraded from self-employment status, and 42 percent are new companies.

In all, the new MSMEs are expected to generate over 20.4 thousand jobs for Cuban economy.

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