• Submitted by: Juana
• South America
• Business and Economy
• Politics and Government
• 06 / 04 / 2015

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The main financier of several large projects in Cuba is the National Economic and Social Development Bank (BNDES by its Portuguese acronym), including the Port of Mariel megaproject and the purchase of equipment and expansion of several airports in the island. 
BNDES ended the secrecy around its contracts and disclosed classified information about loans made to Cuba, including more than $ 680 million for the megaproject of the Port of Mariel.
The financing provided by the Company of Works and Infrastructure -a subsidiary of construction giant Odebrecht- for different projects in Cuba amounted to $ 832 million. Of this total, $ 682 million went to pay for the Port of Mariel, which cost exceeded $ 900 million.
Besides the Port of Mariel, Cuba received a Brazilian financial backing of $ 150 million for the expansion and modernization of the José Martí International Airport in Havana, the expansion of the airport of Santa Clara and the purchase of equipment for the terminals of Holguin, Cayo Coco and Cayo Largo. The loan, signed in August 2014, has a term of 180 months and interest of 7% per year. Odebrecht is also in charge of the completion of the work.
The BNDES also granted loans to TPRO Engenharia y Pharmaster do Brasil for the construction in Cuba of a plant to produce parenteral and hemodialysis solutions.

source: www.cibercuba.com