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French Development Agency Finances Cattle Raising Project in Camaguey

21 November 2017

CUBA - Cuban authorities and the French Development Agency (AFD) signed a credit agreement to finance a cattle raising development project in the province of Camaguey for €25 million.

According to Prensa Latina, the project is outlined to support the development of cattle raising in Camaguey, seeking sustainable growth and increased production and sale of meat and milk.

Sources from the Ministry of Foreign Trade and Foreign Investment indicated that the initiative is co-financed by the International Fund for Agricultural Development (IFAD) and the French-Cuban Counter-Value Fund.

In this regard, Rodrigo Malmierca, Cuban Minister of Foreign Trade and Foreign Investment, said that other projects complete the financing.

After signing the agreement with Herve Conan, AFD director for Latin America and the Caribbean, with the presence of Jean-Marie Bruno, French ambassador in Cuba, Mr Malmierca said that the funds would be used efficiently.

Mr Conan said that projects for the renewal of two repair shops for the railway field were also presented.

"We will continue to work and support Cuba in the initiatives of the State and the loan to public companies," said Mr Conan, who also pointed out that this is the beginning of a deep relationship of cooperation and friendship.

AFD office was opened in Cuba last year and it is the framework for financing investment projects, particularly for public infrastructure, through long-term loans.

TheCattleSite News Desk

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