Wednesday, October 26, 2011

Cuba owes Venezuela’s BANDES $1.2bn

Cuba owes Venezuela's BANDES $1.2bn

Cuba owes Venezuelan state development bank BANDES $1.193 billion,
reported Venezuelan daily El Universal, based on a financial summary by
BANDES through September 2011.

Cuba absorbed 70 percent of BANDES' Fund for International Cooperation
(FCI); the next biggest recipients of FCI loans and donations were
Bolivia and Nicaragua.

Cuba has used the "solidarity loans" from Banco de Desarrollo Económico
y Social de Venezuela (BANDES) for railroad renovation, other
infrastructure, technology, and imports from Venezuela. Neither
government has published the conditions under which Cuba borrows from

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