HAVANA, Cuba (ACN) -- The Brazilian Ministry of Development, Industry and Foreign Trade will grant a $220 million credit to Fanavid SA to build a glass factory in Cuba, Hipolito Rocha announced.
Rocha, general director of the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) office in Havana, told ACN news agency that feasibility studies were ready and the Cuban counterpart to Fanavid showed interest in carrying out this joint project.
Several media outlets reported that Fanavid SA is the first Brazilian company that makes a commitment to open a facility in the Mariel Industrial Development Zone, during the visit made by the Brazilian minister Fernando Pimentel to that area.
BBC Mundo reported that 80 percent of the factory’s output will be sold in Brazil and in several Caribbean nations.
Rocha said that executives from Fanavid will meet with Cuban officials from the construction sector during the XXX Havana Trade Fair, which runs from November 4 through 10.
Another project on the bilateral agenda is the export to Brazil of Heberprot-P, a Cuban medicine for the treatment of diabetic foot ulcers, Rocha said.
In this regard, he added that this will be a large scale agreement and should materialize later this year.
At present, the Brazilian government reinforces cooperation and development plans with Cuba, granting multi-million dollar credits for major projects such as the extension of the port of Mariel, and agricultural production.
In 2011, Brazil became the largest supplier of food to Cuba, and the second largest market for Cuban pharmaceutical and biotechnology exports.