MOSCOW (Pakistan Point News / Sputnik - 03rd October, 2019) Russian Railways signed on Thursday a contract with Cuba for the reconstruction and modernization of the country's railroad infrastructure worth 1.88 billion Euros (over $2 bln), a Sputnik correspondent reported from the signing ceremony in Havana.
"The value of the contract is 1.88 billion euros, the implementation period is 10 years. The work will be carried out by a subsidiary of Russian Railways, the Russian Railways International LLC. Financing will be based on intergovernmental agreements," the Russian company said in a statement ahead of the signing ceremony.
The project stipulates the design, repair and modernization with the use of Russian technology, Russian-made materials and equipment of over 1,000 kilometers (over 620 miles) of the island's railway infrastructure.