Cuba: Cuba authorized Financiera Iberoamericana S.A to grant loans in foreign currency to Non-Agricultural Cooperatives and micro, small and medium-sized enterprises, Prensa Latina reports.
Resolution 285/2021 of Banco Central de Cuba, published in the Official Gazette, provides that financial institutions can grant credits in foreign currency to the country’s CNAs and MSMEs, prior approval of the Central Bank of Cuba.
In accordance with this provision, a new license was granted to Financiera Iberoamericana S.A. to carry out all those activities foreseen for non-banking financial institutions in accordance with the provisions of Article 14 of Decree-Law 362 ?Of the Institutions of the Banking and Financial System.
The Gazette refers that this Resolution enters into force three business days following its notification.
The 324 MSMEs and CNAs are scattered throughout the country’s provinces, 22 are part of local development projects, 15 have previously carried out export operations and four are incubated in the Science and Technology Park of Havana.
It is estimated that in total these economic actors generate approximately 4,468 new jobs in the economy.