Russia and Cuba will sign by the year-end an agreement on the settlement of Cuba's $30-billion debt, with part of the loan to be written off and part to be restructured, Russian Industry & Trade Minister Denis Manturov said on Friday.
"There was an accumulated debt of Soviet Union-granted loans, and now an agreement has been drafted, which does not yet enter into force but is initialed until all coordination procedures are conducted," Russia's RIA Novosti news agency quoted Manturov as saying.
Earlier in the day, Russia and Cuba initialed the debt settlement agreement which was signed by Russian Deputy Foreign Minister Sergei Ryabkov and Ricardo Cabrisas, Vice-President of the Cuban Council of Ministers in the presence of visiting Russian Prime Minister Dmitry Medvedev and Cuban leader Raul Castro in the Cuban capital Havana.
Medvedev arrived in Cuba on Thursday following a visit to Brazil.
The two countries also signed another agreement under which Cuba will buy passenger aircraft worth $650 million from Russia.
Russian company Ilyushin Finance and the Cuban Aviation Corporation signed an option agreement on the delivery of three Antonov An-158 passenger aircraft, the report said.
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