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CUBACONS to Implement Three New Construction Projects

Three new projects with financing from Russia are to be implemented by CUBACONS Photo: Rubens Nguyen

The Construction and Assembly Business Group (CUBACONS) will implement three new foreign investment projects in the construction sector.

The first project is with a Russian company for the transportation and lifting of large loads in industrial works. The others projects are tourism investments and a specialized assembly system.

These projects are supported with financing from Russia.

The business director of CUBACONS, Alberto Olivera, said that approximately another 10 projects are in progress.

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Olivera said that CUBACONS seeks to partner with foreign companies to promote new technology acquisition and financing that guarantees high-quality standards in construction projects.

The construction sector in Cuba is prioritized by the new economic policy because of the value it has in the development of the tourism sector, a major driver of income to the Island.

The use of new sustainable and effective technologies is a priority of these investment projects.

In 2019, the construction sector executed projects for a total value of 6.1 billion pesos, according to the Statistical Yearbook of Cuba, published in 2020.

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The main recipients by economic activity were:

– Business services, real estate and rental activities – 37.3 billion pesos

– Construction – 9.3 billion pesos

– Manufacturing except for the sugar industry – 10 billion pesos

– Public administration, defense, social security – 456 million pesos

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– Electricity, gas and water supply – 274 million pesos

– Commerce repair – 218 million pesos.

According to the statistical yearbook of 2019, total investments produced by the construction sector reach 9,801 million pesos: business services, real estate, and rental activities; manufacturing industry except for the sugar industry; supply of electricity, gas and water and construction.

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