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Cuba food shortage: India extends Line of Credit worth euro 100 million

Cuba food shortage: India extends Line of Credit worth euro 100 million

NEW DELHI: India has supported Cuba by providing a Line of Credit (LOC) worth euro 100 million to purchase rice from India.

This is a continuation of India's efforts to support Cuba. So far, India has extended LOC $ 248 million to Cuba for development activities.

According to the Indian Embassy in Havana, "Out of the LOC extended by India to Cuba for developmental work, $2.712 million has been given for bulk blending fertiliser plant, $5 million for Milk Processing Plant (ALIMPEX), $5.092 million for modernisation of injectible plant (LABIOFAM), $ 90.3 million for Power Cogeneration Project at Sugar Mill (AZCUBA), besides other projects".

Renewable energy projects like Wind Energy Farm project and solar power projects are the other projects.

India and Cuba established diplomatic relations in 1959. India was one of the first countries to recognize Cuba after the Cuban Revolution. A year later, the Indian embassy was opened in Havana and the two countries have since maintained strong diplomatic ties, according to the New Indian Express.

According to the MEA, "The two nations have just concluded the second round of Foreign Office Consultations (FOC) in Havana following which India extended a Line of Credit (LOC) worth Euro 100 million to Cuba to buy rice from India. The Indian side was led by Secretary (East) in the Ministry of External Affairs (MEA) Saurabh Kumar and the Cuban side was led by the vice-chairman of foreign affairs Anayansi Rodriguez Camejo".

During the FOC, bilateral relations were reviewed, including development partnership plans, trade and commerce, cooperation in renewable energy, health, yoga, and traditional medicine, and cooperation in the United Nations.

''In a goodwill gesture, the Cuban government has released a postal stamp to commemorate 75 years of Indian independence,'' according to MEA.

However, there has only been moderate bilateral trade. Major items of Indian exports to Cuba are pharmaceutical products, organic chemicals, plastic products, medical equipment, engineering goods, textile products, metal products, mineral oil products and equipment. Imports from Cuba mainly include pharmaceutical and tobacco products.

India established an India Cuba Knowledge Center in 2010, which trained more than 1900 Cuban professionals in various streams. A hockey turf at the National School of Hockey was created in 2018, for which India contributed $1 million.

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