Havana (VNA) - Venezuela has granted Cuba a 100 million USD loan to streamline its railroad network in an effort to reconstruct transportation infrastructure.
The deal was signed between Venezuelan Bank for Economic and Social Development (Bandes) and Cuba's Banco Exterior in Caracas on September 24.
The funding will be used to refit railways and signaling, and upgrade communications.
Cuban Minister of Transportation, Jorge Luis Sierra, said that the agreement will allow his country to increase the speed of trains from 40 to 100 kilometres per hour. It will also help increase capacity of transportation and rail fleet of Cuba, he added.