Venezuela will lend Cuba 100 million U.S. dollars to help modernize its rail system, Cuba's Transportation Minister Jose Luis Sierra told official newspaper Granma on Tuesday.
Improvements will be made in the signaling and switching systems and trains will be able to travel at 100 kph instead of the current 40 kph, he said, adding that the lines will also be restored to their original designed capacity.
The loan from Venezuela's Social and Economic Development Bank (Bandes) to the Cuban Exterior Bank will also allow an increase to the rolling stock fleet.
Since the collapse of the Soviet Union, Cuba has been suffering a crisis, known as the "special period," which has hurt many sectors, including railways.
Railways that enable the swift movement of passengers and cargo are essential for Cuba's economic recovery, Sierra said.
Source: Xinhua
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