By The Associated Press – HAVANA — The Cuban government has authorized local banks to offer credit to private small business owners and agricultural producers as part of a sweeping economic overhaul announced last year.Havana is dismissing hundreds of thousands of state employees while granting licenses for a broad array of private businesses to absorb the layoffs.The credit measure is intended to help would-be entrepreneurs get off the ground.">By The Associated Press – HAVANA — The Cuban government has authorized local banks to offer credit to private small business owners and agricultural producers as part of a sweeping economic overhaul announced last year.Havana is dismissing hundreds of thousands of state employees while granting licenses for a broad array of private businesses to absorb the layoffs.The credit measure is intended to help would-be entrepreneurs get off the ground.">

Cuba Headlines

Cuba News, Breaking News, Articles and Daily Information

Cuba approves loans to help private entrepreneurs launch small businesses

By The Associated Press – HAVANA — The Cuban government has authorized local banks to offer credit to private small business owners and agricultural producers as part of a sweeping economic overhaul announced last year.

Havana is dismissing hundreds of thousands of state employees while granting licenses for a broad array of private businesses to absorb the layoffs.

The credit measure is intended to help would-be entrepreneurs get off the ground.

State-run newspaper Granma announced Wednesday that the measure was approved March 25 during a meeting of the Council of Ministers, presided over by President Raul Castro.

Castro has said the economic overhaul is intended to update Cuba's socialist economic model and is not a wholesale switch to capitalism.The Canadian Press.


Source: www.google.com/hostednews/canadianpress/article/

Related News

Comments