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China To Give Cuba $600 Million In Aid |
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China provided its ideological ally Cuba$600 million in loans and grants Sept. 3 during a three-day visit to strengthen ties by the Asian giant’s parliamentary head Wu Bangguo, diplomatic sources said. Wu, the No. 2 man in China’s ruling Communist Party, and Cuban parliamentary chief Ricardo Alarcón oversaw the signing of a series of agreements, including for a loan worth $260 million for the purchase of 10 grain shipments, as well as a $300 million loan to help improve Cuba’s telecom network.
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A Chinese credit also will be invested in Cuban television; a spokesman of China’s diplomatic mission told the news agency AFP, without specifying the amount. |
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In addition, Beijing donated $9 million, offered an official credit in the same amount, and provided a $1 million preferential line of credit, all for investment in projects to be determined by Cuba’s government. |
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