Russia said its businesses would invest more than $1 billion in longtime political ally Cuba by 2030, Cuba’s presidency said on Thursday, promising a lifeline for the communist-run Caribbean island amid a grueling economic crisis.
Russia had previously announced the so-called “Plan 2030” with Cuba but, for the first time, put a price tag on a range of proposals to invest in key areas including electricity production, agriculture and public lighting.
“Under this plan, Russian companies and businesspeople have expressed their willingness and confirmed their readiness to invest more than $1 billion in the Cuban economy,” said Russian Deputy Prime Minister Dmitry Chernyshenko.
The statement immediately followed a meeting between Cuban President Miguel Díaz-Canel and Russia’s President Vladimir Putin at the Kremlin.
Punishing sanctions from the United States, collapsing tourism and inefficient state-run production have hamstrung Cuba’s economy, leaving it with little room to maneuver.
Russia, which also faces stiff U.S. sanctions, has over decades provided Cuba with both financing and material goods, including cargoes of oil, infrastructure investments and, most recently, the promise of droves of Russian tourists.
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Author: Dillon B
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