Cuba signs a new agreement with the OPEC Fund for International Development (OFID)

Vienna, March 1, 2018. A new Loan Agreement between the OPEC Fund for International Development (OFID) and the Republic of Cuba was signed by the Director General of that international organization, Hon. Mr. Suleiman Jasir Al-Herbish and the Charge d'Affaires ad interim of the Embassy of Cuba in Austria, Marieta García Jordán; through which OFID will contribute to the financing of the Solar Energy Development Project in Cuba.

The distinguished Director General of OFID reiterated the support of that organization to Cuba and explained that the soft loan of 45 million dollars granted is intended to contribute to the modernization and diversification of the Cuban energy matrix, by increasing the installed capacity of Renewable energy sources, in this case solar energy. The project will increase the generation of electricity and optimize the country's electricity system, through the use of domestic photovoltaic systems and solar water heaters for industrial and domestic use.

The Cuban Party highly appreciated and highly valued the support received from this international organization during two decades of close cooperation relations, through which thirteen loan agreements have been adopted for projects of economic and social impact in the agricultural sectors, the Rehabilitation of electricity networks and aqueduct and sewerage systems and renewable energies in several provinces of Cuba.

Both parties expressed satisfaction with the close cooperation between Cuba and OFID; which also includes donations to contribute to the recovery of the country due to damages caused by strong hurricanes and to support the work of Cuban medical missions that fought the Ebola epidemic in Africa.

The OPEC Fund for International Development (OFID), created in 1976, is a multilateral financial institution aimed at providing assistance to low-income countries, in different areas of economic and social development, such as health, access to water, energy sources, education and food security, among others. OFID is committed to the implementation of the 2030 Agenda and the Millennium Development Goals, particularly the one aimed at guaranteeing access to affordable, safe, sustainable and modern energy for all. (Cubaminrex / Embacuba Austria)