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Cuban banks ready to grant more credits to self-employed people

11-30-2011 11:22 BJT

HAVANA, Nov. 29 (Xinhua) -- Cuban banks plan to apply a new policy on extending bank loans to private workers, the official daily Granma reported on Tuesday, quoting a bank official.

"The bank system has conditions to contribute financially to the proper development of the national economy," Vice President Irma Martinez of the Central Bank of Cuba said, referring to a decree issued by leader Raul Castro concerning the granting of credits to small private workers, especially farmers, in an effort to "update" the local economic model.

The new decree and three complementary regulations will come into force on Dec. 20.

They were adopted after the country suffered a lot from housing shortage, prompting Castro to remove all bureaucratic obstacles that limited Cubans to buying construction materials and building their own homes.

According to the new decree, people interested in housing construction, hiring construction staff or acquiring real state properties are entitled to receiving bank loans.

Martinez said the granting of credits is subject to risk analysis conducted by the central bank which will request necessary guarantees before granting any loan to ensure the money can be returned before due date.

Since last October, more than 338,000 Cubans have been engaged in private activities. Self-employment is estimated to be able to absorb half a million dismissed workers, providing services to Cuban citizens and generating taxes for the state budget.

Editor:Zhang Hao |Source: Xinhua

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