Russia attended the Cuban Railways

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Photo: Javier Galeano, File / AP

Russia will take part in the restoration of Railways and related infrastructure in Cuba. The country will sign the relevant intergovernmental agreement, a draft of which was approved by Prime Minister Dmitry Medvedev. Document published on the government website.

Under the agreement, to restore and modernize the railway the Islands will jointly Railways (represented by its subsidiary “RZD international”) and state company “Railways of Cuba.” In addition, the Russian company will train Cuban specialists and will hold a number of relevant studies.

The works will be financed from two sources: at the expense of credits of the Russian banks and funds held in a special account of Vnesheconombank with the National Bank of Cuba. This account was opened in 2013 in the framework of the agreement between the two countries on settlement of the debt of Cuba to the USSR. The total debt at that time exceeds $ 30 billion. 90 percent was deducted, and the remaining 10 Havana agreed to pay for 10 years. These funds were credited to the special account subject to further spending on the Cuban infrastructure projects.

Also, the Cuban authorities are obliged to release the Russian side from all taxes and restrictions, including to abolish personal income tax for employees of Railways involved in the project.

Video, photo All from Russia.

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