HAVANA, Cuba (ACN) — Cuba will become a shareholder of the Latin American Development Bank (CAF-Banco) following the signing of the first technical cooperation MOU by authorities of the two sides.
The agreement will now allow new integration prospects both regionally and internationally, according to PL news agency.
The document, which was signed on Friday by CAF Banco CEO Enrique Garcia and the minister-president of the Cuban Central Bank (BBC) Ernesto Medina, is an opportunity in terms of financial services and advice by the Latin American financial institution favouring sustainable development and integration in the region.
The bilateral initiative aims at promoting technical cooperation programs and paving the way for Cuba to become a CAF-Banco shareholder.
Medina said that this is just the first step in a project that will help train executives, grant credit lines for infrastructure and the environment, among other opportunities.
Meanwhile, Garcia said that the two sides have been negotiating since 2013 to strengthen relations and share agendas.