REUTERS
The Russian government has preliminarily approved two draft agreements on lending EUR 1.2 billion (about $1.36 billion) and $100 million to Cuba, according to the BBC's Russian language service.
The draft agreements are available on the official legal information website.
The loan worth $100 million will be extended at a rate of 5% per annum and will be spent on the "modernization and expansion of metallurgical plant Antillana de Acero Jose Marti."
The second loan will be given to Cuba to finance the construction of a 200 MW power unit of Maximo Gomez thermal power plant and three power units with a single capacity of 200 MW at Este Habana power plant. An interest rate on this loan is 4.5% per annum.
Under the agreement, the loan will be used in 2016-2024. No more than $31 million will be allocated in 2016.