"The agreement has been finalized and the documents signed. All parameters, such as interest, the payment schedule and the currency in which refunds will be made, have been adopted in coordination with Cuba,” Borisov said.
Both countries will benefit from the recent arrangement, Borisov said, explaining that the concord’s purpose is to "ensure the sustainable development of Cuba's defense sector in the coming years."
The loan will be dedicated to the development of Cuba’s technological operation and assistance and will give the Caribbean nation "the opportunity to develop its long-term military-industrial complex," said Federal Service of Technical-Military Cooperation, Dmitry Shugaev.
The recent exchange is a continuation of a nearly 15-year agreement between Russia and Cuba which dates back to 2006 when the former first offered militarized technology assistance.