HAVANA, Cuba, May 19 (acn) In tune with ongoing economic transformations in Cuba, local banks back priority economic plans and investment projects launched by Cuban companies, an action that reported credit lines of up to 28 billion pesos in 2015.
The initiative was stressed by banking specialists at the 2 nd International Congress on Economic Management and Development, which closes doors today in Havana.
The alliance between banks and companies is crucial for the country's development, the expert noted.
The vice-president of the Cuban Metropolitano Bank, Isabel Sanz, recalled that out of the credit package granted to the state sector last year, 36 percent was funneled to projects in agriculture, livestock, forestry and hunting, while 32 percent was used to back trade, and 15 percent for the manufacturing industry.
However, there's been an increase in the line of credits for investment, particularly to back the expansion of the tourist infrastructure and for projects in the Special Development Zone at western Mariel Harbor, the official said.
The credit lines also support the purchase of equipment for the local food program and for the modernization of pharmaceutical plants. But this is not all, the banking system has also credit lines to individuals that need to build or repair their homes. Since 2012, over 6 billion pesos have been granted for these actions and also for private farmers who requested that financial support.
In an effort to support the development of the non-state sector, currently employing over half a million people, Cuba approved in 2011 the granting of credits to individuals, but the relationship between the self-employed and the banks is still considered weak.
With this in mind, the banking system needs to encourage the use of credits through more attractive services, so that the self-employment sector feels the need to resort to those benefits, the economists noted.
The Cuban financial institutions granted 223 million pesos up to last year to support non-agricultural cooperatives, which were set up in 2013 as part of the economic transformations in the country.
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