Russia to provide Cuba with 1.2-bln-euro credit for construction of power plants

The Russian government has approved the allocation to the Cuban authorities a state export credit for up to 1.2 billion euro for financing the construction of four generating units for thermal power plants (TPP) on the island.

 The Russian government has approved the allocation to the Cuban authorities a state export credit for up to 1.2 billion euro for financing the construction of four generating units for thermal power plants (TPP) on the island.

"Russia is providing Cuba with a state export credit in the amount of up to 1.2 billion euro for the construction of one generating unit with a 200 MW capacity for the Maximo Gomez TPP, and three power-generating units with a single capacity of 200 MW for the East Havana TPP," the text of the draft intergovernmental agreement that was published on the official portal for legal information said.

The document said that the credit will be used in 2016-2014, the interest rate on the credit is 4.5 percent per annum.

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