Cuba launches credit program to boost agriculture

Cuba launches credit program to boost agriculture
Cuban authorities Thursday launched a credit program aimed at boosting food production, the official daily Granma reported.

The program of providing short-term loans and other banking services to small farmers and self-employed workers to increase food production for both local consumption and exports will take effect before the end of the year, the daily said.

"The regulations ruling the new credit policy and other banking services will enter into force on December 20, aimed primarily at stimulating domestic production, which could generate incomes of foreign currency or replace imports," the official decree quoted by Granma said.

The farmers "may ask for loans for the purchase and repair of equipment, measures needed for work, or other actions that contribute to raise agricultural production," Granma said.

Since July, the local Cuban banking sector has started granting small loans to farmers at interest rates between 3 to 7 percent.

The new credit policy is part of an agenda of over 300 reform proposals adopted at the Sixth Congress of the Cuban Communist Party last April.

These reforms were promoted by Cuba's current leader Raul Castro to increase efficiency and help "update" the Cuban economic model.

Editor: Wang

English.news.cn   2011-11-25 09:33:29 FeedbackPrintRSS
HAVANA, Nov. 24 (Xinhua)