el maestro

el maestro
"Trincheras de ideas valen más que trincheras de piedra." José Martí

Sunday, April 3, 2011

Cuban banks to offer loans to private businesses

Cuban local banks will grant credit to the booming small enterprise, a totally new procedure, to provide the infrastructure which did not exist before the intense economic changes that have been taken place in Cuba for the last year.

Under unprecedented circumstances the Cuban government had to lay off thousands of redundant state employees whose salaries it could no longer afford to pay under the serious crisis that affects the world today. Moreover, local authorities have started a careful consideration of the subsidies Cubans have taken for granted for decades, but it has promised that no citizen will be left unprotected.

Street vendor in Bayamo
At the same time Cuba has open up its economy granting thousands of licenses to private businesses in 178 activities, and at a faster pace than expected changing legislation to absorb the new demands of the private sector. Just to have an idea of how fast the whole process have been, 171,000 new licenses have been approved since October 2010.

Pizza stand in Bayamo
It is expected that the Sixth Congress of the Communist Party which starts on the 16th of this month will examine the legal avenues for the reforms that are taking place and other proposals to guarantee the survival of the Revolution and Socialism in this new global context.

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