New Delhi: The Union government has decided to provide a 100 million Euro Line of Credit (LOC) to Cuba. The support will be given to the communist nation to face its food shortage. As per reports, once the deal is finalized, food grains and other edible goods can be exported to Cuba.
Recently, the Ambassador of Cuba Alejandro Simancas Marín has invited Indian companies and investors to invest in Cuba. ‘Both sides can complement each other in the biopharmacy, renewable energy, IT and agriculture sectors. We want to import Indian tractors. We would also like to have more Indian investment in the food processing industry’, said Alejandro Simancas Marín in an interview.
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Earlier this year, India had provided a Line of Credit worth $ 75 million to install solar panels. Cuba has reported a negative growth of 10% in 2020-21. The economic growth rate is at 2% in 2021-22.
India had earlier also supported the communist nation to face its food shortage. After Soviet Union’s collapse in 1990s, India supplied food grain and wheat to Cuba. It was known as the ‘Bread of India’. The scheme had helped then ruler Fidel Castro to overcome the food shortage in the country.
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