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Cuba: New Credit System Comes Into Effect Today
HAVANA, Cuba, Dec 20 (acn) A
recently approved credit system allowing the granting of
loans to small-business owners, private farmers and those
looking to repair or rebuild their homes has come into
effect in Cuba, this Tuesday, December 20.
Specifics on the
credit system are established by the 289 Law-Decree,
three complementary resolutions from the Central Bank of
Cuba and one
instruction by the Economy and Planning Minister.
According to the legal instruments, the starting loan for
the people
interested in purchasing building materials and paying for
labor
associated with home construction, is of 1,000 Cuban pesos,
while for the
self-employed the lowest amount is 3,000.
Small farmers holding a land lease or ownership title can
request a
minimum credit of 500 pesos.
In view of this process, 500 offices -216 of them of the
Cuban People’s
Saving Bank- have been set up all over the country not only
for the
granting of credit lines, but also to provide financial
advice.
Loans will be granted on the strict analysis of risks to
guarantee
repayment based on the people’s ability to pay back, the
feasibility of
the project to be undertaken by the lender and the legal
personal income.
As the economic situation of the country allows it,
individuals will be
given access to loans for the purchase of other items.
The move is in line with the government's economic agenda
approved by the
Sixth Congress of the Cuban Communist Party of granting
loans to stimulate
national production, reduce imports and boost the economy.
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