The opening of a branch of the Russian bank Novikombank in Cuba is part of the “new approaches” to relations between Russia and the island, according to Cuban authorities.
This is what Vice Prime Minister Ricardo Cabrisas considered after the official presentation of the banking subsidiary, this Thursday at the Meliá Cohiba hotel in Havana.
According to Cabrisas, the opening of the Russian branch “constitutes a fundamental and decisive action” for Cuba, in the midst of its current economic crisis, and marks “a milestone in one of the most important sectors to develop any economic and financial relationship.” .
“I have no doubt that this decision by Russia and in particular by the Novikombank bank will mark a before and after,” the until recently Cuban Minister of Foreign Trade and Foreign Investment told the press.
“There is no trade or investment that advances if there is no effective participation of the banking system,” declared the deputy head of Government, for whom “the opening of the bank is a very important step that will be a sign of triumph for actions to reinforce commercial links.”
In his opinion, this step is “the result of the joint effort” of both governments and, in particular, “of the consensus reached between their presidents,” he reports. Latin Press (PL).
Russian banking opens its first branch in Cuba
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“New approaches”
In his statements, Cabrisas highlighted the importance that, from his point of view, financial cooperation between Havana and Moscow “under conditions of unilateral coercive measures” from the United States.
In this scenario, he explained, “Cuba decided to open its national market to the attraction of foreign capital and based on that sovereign decision, conversations were held with the government of the Russian Federation to apply new approaches to our economic relations.”
As a result, both countries signed a framework agreement that “includes Russia’s commitment to support its business community so that, in accordance with their interests, they participate in Cuba’s economic development plan until 2030.”
Meanwhile, Cuba “commits to offering certain incentives and facilities for those businessmen who decide to participate in the aforementioned island plan so that they are stimulated in these projects,” the deputy prime minister added.
Cabrisas explained to P.L. that both governments signed a roadmap “with each of the objectives in Cuba’s commercial development plans that may be of interest to the Russian Federation.”
In that document, he said, “it is even determined who would participate on both sides and the deadlines for compliance.”
Cuba and Russia continue to strengthen their “strategic partnership”
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In addition, he detailed a third bilateral agreement on “key projects that determine the priorities of these sectors and the projects within them that mark the path to reinvigorate and diversify economic relations.”
Meanwhile, a fourth document “refers to the preparation and signing of a bilateral economic agenda that focuses on the projection of both parties in the short, medium and long term,” said Cabrisas, who recently chaired a delegation from the island that visited Russia.
Strong political allies, Havana and Moscow have strengthened their bilateral relations in recent years and are currently carrying out collaboration projects in different areas, as part of a link considered “strategic” by both parties.
Trade, tourism, transportation and other sectors such as energy, science and the military are among the spheres in which the two countries have signed agreements and maintain cooperation ties, in addition to systematic exchanges and government visits. .
