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Cuba to grant credits to boost agricultural output

Cuba to grant credits to boost agricultural output

HAVANA: The Cuban government will grant credits to Basic Units of Cooperative Production (UBPC) in order to invest in livestock from next January.
The news was announced today Ydael Perez Brito, vice minister of agriculture, during the meeting of Food Standing Committee of the National People’s Assembly, held in the Havana´s Conventions Center.
The Agriculture official said the funding aims to boost the production of milk and meat in these specialized units.
He explained that this measure responds to one of the problems identified in the monitoring and control by the Commission to implement the 17 measures in place to improve the functioning of the UBPCs.
The government will introduce modifications to the procedures and conditions for bank financing to those units that raise cattle, taking into account the characteristics of the various regions and the purposes for which the loans are requested and analysis of the financial capacity of each producer.
He reported that the repayment of loans will have extended terms and grace periods for the repayment of the principal production and in some cases for the payment of interest.