The State Duma ratified protocols amending Russia-Cuba intergovernmental loan agreements

Members of the State Duma ratified four protocols signed on 7 August 2021 in Havana
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According to the draft text of the bill adopted by the State Duma on the ratification of protocols, in the period from 2006 to 2019, the Russian Federation provided state export loans to Cuba for a total amount up to 2.3 billion USD. The loans were provided to finance the most important projects in such areas like energy, metal industry, transport infrastructure, as well as supply of products to the Republic for development and support of the Cuban economy.

Following the Cuba’s request to review conditions for debt repayment, there were signed relevant intergovernmental protocols. They include changes in conditions of debt repayment to Russia. It was noted that according to the amended loan repayment schedule, the amount of payments to repay the principal and interest in 2020–2027 will increase by about 11 million USD compared to the current schedule.

The State Duma ratified the following protocols:

- Protocol on amendments to the State Loan Agreement between the Government of the Russian Federation and the Government of the Republic of Cuba for financing supplies of Russian goods, works and services dated 28 September 2006;

- Protocol on amendments to the State Loan Agreement between the Government of the Russian Federation and the Government of the Republic of Cuba for financing supplies of Russian construction and agricultural equipment dated 28 July 2009;

- Protocol on amendments to the State Export Loan Agreement between the Government of the Russian Federation and the Government of the Republic of Cuba for financing the construction of four power units of thermal power plants in the Republic of Cuba dated 22 October 2015;

- Protocol on amendments to the State Export Loan Agreement between the Government of the Russian Federation and the Government of the Republic of Cuba for financing the Antillana de Acero named Jose Marti steel plant modernization and expansion located on the territory of the Republic of Cuba dated 22 October 2015.