MOSCOW (Pakistan Point News / Sputnik - 06th February, 2019) Russia will provide a credit to Cuba in the amount of 38 million Euros ($43 million) for development of Havana's defense industry, Director of the Russian Federal Service for Military-Technical Cooperation (FSMTC) Dmitry Shugaev said on Wednesday.
"A loan agreement was signed and has already passed internal state procedures on behalf of the Russian side ... And this money within the framework of the state credit, about which you are talking about, will go precisely to the development of technological cooperation and the provision of technical assistance to the Cuban side," Shugaev told the Russian Kommersant newspaper, when asked whether the loan was approved.
The Russian-Cuban defense industry cooperation agreement has been in force since 2006 and Moscow provided a large number of arms to its partner under the deal, the official noted
Currently the cooperation between the sides focuses on the program for strategic technological cooperation, which primarily includes projects on the long-term development of Cuba's defense sector, Shugaev added.
