Amidst Cuba's severe energy crisis, the Banco de Crédito y Comercio (BANDEC) in Pinar del Río has rolled out a new personal loan program aimed at purchasing equipment powered by renewable energy sources. While the official platform Cubadebate suggests that this initiative is designed to streamline banking procedures and promote sustainable technology use, it effectively serves only a limited group, widening the gap between those who can afford such technology and those who cannot.
Initially, these loans are exclusively available to workers in the public health and education sectors, who have been pre-selected by their institutions, as noted by the cited source. Aliden Rodríguez Cabrera, head of BANDEC's Personal Banking Department in the province, stated that the loans will cover the full cost of the equipment and offer a repayment term of up to ten years, depending on the borrower's repayment ability.
Rodríguez Cabrera emphasized that the goal is to "ease access to clean technologies and simplify banking procedures for their purchase." Nevertheless, the announcement has been met with skepticism, and it appears that this program has yet to expand to other provinces.
Internet user Adisbel Alfonso Pérez shared in a post on the official newspaper Girón that after the notice appeared on social media, she visited a bank branch, seemingly in Matanzas, where employees claimed they had no information about the process and had not received any training.
"It seems like it was just to create expectations, another way to placate without delivering anything concrete. Essentially, as the saying goes, it's all smoke and mirrors," she wrote.
While the regime continues to tout the image of a Cuba progressing towards renewable energy, the reality is that access to such technologies remains contingent upon one's job position, income level, and often, support from family abroad. In practice, solar energy is still a luxury on the island: an option for the few in a country where the majority can barely afford the sporadic electricity supply.
Understanding BANDEC's Renewable Energy Loan Program
Who is eligible for BANDEC's renewable energy loans in Pinar del Río?
Currently, only pre-selected workers from the public health and education sectors in Pinar del Río are eligible for these loans.
What do the loans cover and what are the repayment terms?
The loans cover 100% of the purchase price of renewable energy equipment, with repayment terms of up to ten years, based on the borrower's capacity to pay.
Has the program been implemented in other provinces?
As of now, the program has not been extended beyond Pinar del Río.