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Cubans Benefiting from Loans and Grants

Tuesday, 31 January 2012 09:50 By Freddy Perez Perez / Photo: Yaciel Pena de la Pena
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Nidia Rodriguez Vega, director of the People's Savings Bank (BPA), in Las Tunas.Las Tunas.- Currently tens of thousands of Cubans are approaching the banking system, looking for information about applying for the credit that the financial institutions will be granting to individuals or subsidies for construction on their homes.

A demonstration of these new possibilities, endorsed in Guidelines 173 and 299, adopted at the 6th Congress of the Communist Party of Cuba, confirms that in the eastern province of Las Tunas, up to last Saturday over 5,000 interested in the documents in connection to requests for grants for housing and other options available, had come to the People's Savings Bank (BPA).

Nidia Rodriguez Vega, director of the BPA clarified the difference between both options. The application for credit for natural persons repayable to the financial institutions is not the same as the subsidy, non repayable, which is covered by the State.

The subsidy, she added, is not a loan funded by Social Care, nor a repayable credit. It is awarded to execute work and the only commitment is to provide solutions to housing problems, according to the contract between the different actors involved in its execution: Housing Departments, Labour and Management Councils (Government) of the municipalities.

It is a new way of helping people with less economic means to resolve their habitat, caused by the occurrence in the country of various atmospheric phenomena in recent years, due to global climate change.

The fund, corresponding to this benefit of unprecedented social scope, said the banker, will come from the 167 million pesos income in 2011 from the unsubsidized sale of construction materials on the premises of the Ministry of Internal Trade, which this year should increase that amount to benefit a larger number of people and lower the price of materials.




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