Monday, June 16, 2008

Iran mulls over opening €500 Line of Credit for Cuba

Tehran Times

Monday, June 16, 2008

TEHRAN - Iran’s Minister of Industries and Mines Ali-Akbar Mehrabian proposed to the government to increase the Line of Credit between Iran and Cuba to 500 million euros, IRNA reported here on Sunday.

“The current approved Line of Credit by Iranian banks for Cuba is 200 million euros, but considering the volume of contracts signed between the two sides recently Iran’s Ministry of Industries and Mines has forwarded a proposal to the government to increase the figure to 500 million euros,” he said on the sidelines of the 13th Iran-Cuba scientific, technological, and economic joint commission held in Tehran.

Referring to the growing economic cooperation between Tehran and Havana in the past two years he noted that currently the trade volume between the two countries stood at about 213 million euros.

He also talked about the complaints made by Cuban officials regarding bureaucracy and stated that Iran was trying to remove this issue and hoped that with the elimination of bureaucracy bilateral economic cooperation and trade volumes would increase.

Regarding the 13th Iran-Cuba scientific, technological, and economic joint commission, Mehrabian explained that this event will be held for two days in Tehran and on the last day (Tuesday) both sides will sign an MOU on the subjects reflected in this gathering.

In a separate interview the Cuban Cabinet Minister Ricardo Cabrisas Ruiz expressed hope that scientific, technological, and economic ties between the two sides would become as strong as the existing political relations both sides enjoyed, and claimed that such gatherings elevate economic ties between the countries.

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