Tuesday, 29 November 2020 7:55 PM

Cuban banks provide loans

This week a remarkable piece of news was announced about Cuba. From mid-December, businesses and residents of Cuba can apply for a loan for the first time in their lives. And that is a very big change in the country where for decades it was not about money, but about the exchange of goods. Where previously people had to turn to their families for support, now they can go to the banks. The banks have now been allowed to provide loans to small businesses, private farmers and citizens who want to build a house.

The Caribbean island appears to be heading in a new direction, after Fidel Castro's resignation. Every Cuban can now apply for a loan to build a house, set up their own business or to repair or purchase agricultural goods to increase production. Hotels and restaurants can also benefit from a loan from the growing tourist industry. Earlier this year, the communist regime approved the purchase and sale of cars.


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