The Saudi Fund for Development has granted Cuba an unspecified loan to renovate its hospitals, Cuba Trade & Investment News reported in its April 2010 issue.

This is the first time the Saudi development agency is granting a loan to Cuba; the bulk of the fund’s activities are in Africa and Asia.. In 2008, the fund provided Sri Lanka with a $15 million soft laon for hospital construction.

Foreign Trade & Investment Minister Rodrigo Malmierca and Finance Minister Ibrahim Abdulaziz al-Assaf signed the agreement in Havana. The 25-year Saudi loan will finance renovations and new equipment purchases for several maternity hospitals in Cuba over the next three years.

Abdulaziz also met Vice President Ricardo Cabrisas, in charge of relations with Cuba’s strategic economic partners, and Foreign Minister Bruno Rodríguez. He also toured the Center of Genetic Engineering and Biotechnology (CIGB) in Havana. The island has also used low-interest loans from OPEC and Kuwait for water projects.