Russia Pledges $1 Billion Investment in Cuba Amid Ongoing Economic Crisis

In a significant move to bolster its long-standing ally, Russia plans to inject more than $1 billion into Cuba by 2030, as confirmed by the Cuban presidency. The initiative, named 'Plan 2030,' targets critical sectors such as electricity, agriculture, and public lighting, offering a lifeline to Cuba's beleaguered economy.

Russian Deputy Prime Minister Dmitry Chernyshenko shared the investment details after a crucial meeting between Cuban President Miguel Diaz-Canel and Russian President Vladimir Putin at the Kremlin. He emphasized Russia's commitment to subsidizing interest rates for businesses eyeing ventures in Cuba, underscoring the island nation as a 'reliable partner.'

Despite past setbacks with delayed and canceled projects, Russia's renewed commitment showcases a strategic alliance amidst shared challenges, primarily from U.S. sanctions. During his visit to Moscow, Diaz-Canel also paid tribute to Soviet history, marking the 80th anniversary of the victory over Nazi Germany.

(With inputs from agencies.)