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FINANCIAL NEWS
Abu Dhabi Fund offers USD15m loan to Cuba’s energy sector
11 Oct 2015
(MENAFN) Abu Dhabi Fund for Development (ADFD) has offered the Government of Cuba USD15 million in concessionary loans to support the energy sector.
The loan agreement was formalized at a signing ceremony held during a visit by the UAE delegation headed by the Minister of Foreign Affairs to Cuba.
The loan will be allocated towards the installation of four 10 megawatt solar power plants in four provinces of Cuba, providing clean, sufficient and uninterrupted electricity to nearly 5,300 Cuban citizens.
The project will help reduce cost of energy generation in Cuba, while the construction, operation and maintenance works will improve the performance of Cuban economy.
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