Zuma unveils Cuba aid package
President Jacob Zuma, who is on a state visit to Cuba, said a R210-million credit line package had been finalised for the Communist country in an effort to uplift the economic ties with the country
In his address to the SA-Cuba business forum in Havana yesterday, Zuma said the extension of credit guarantees to Cuba, to the value of R70-million, was one aspect of the package.
"This facility from our government's Export Credit Insurance Corporation will insure South African suppliers for exports to Cuba.
"The modalities of this, including the products, coverage and other issues, are being finalised at a technical level," he said.
Zuma also announced a R40-million contribution towards Cuban agriculture for reconstruction in the wake of the devastation wreaked by a hurricane in 2008.
He said South African exports to Cuba had fallen from R82-million in 2008 to only R1-million in 2010.