Press TV - Nov 2009 11:21:00 GMT
Iran has agreed to extend a 300-million-euro ($445 million) line of credit to Cuba to finance quick-return projects in the Latin American country.
The Memorandum of Understanding was signed between the officials of the two countries at the end of their 14th joint economic cooperation committee meeting in Havana.
Iran's minister of Industries and Mines Ali-Akbar Mehrabian says the new deal will increase the Iranian credit line to Havana from the current 200 million euros to 500 million.
Mehrabian says the line of credit will also provide Cuba with facilities for buying Iranian goods and engineering services.
He says Tehran is ready to expand its economic ties with Havana.
Cuban Minister of Transportation Jorge Luis Sierra also welcomed the agreement, saying his country attaches great importance to its ties with Iran.
Tehran and Havana began bilateral cooperation in 1981. Since that time, the two states have signed several bilateral cooperation agreements in health care, biotechnology, construction, fishing, culture, trade, agriculture, labor, social security and sports.