Cuban government launched a new housing loan program aimed at boosting the private sector, marking a significant step in economic policy adjustment. The initiative, announced by the Ministry of Construction, provides low-interest loans to private individuals and small businesses for home construction and repairs, with an initial funding pool of 500 million Cuban pesos, equivalent to approximately $2 million USD at current exchange rates. Eligible applicants, numbering over 10,000 in the first phase, can borrow up to 300,000 pesos per project, repayable over 15 years at an annual interest rate of 2.5%. The program targets urban areas, including Havana, where 40% of the 1.2 million housing units are reported to need repairs. Local banks have been instructed to process 5,000 applications by the end of September, with priority given to families with children under 18. The initiative follows recent data showing the private sector now accounts for 30% of the economy, up from 20% two years ago, reflecting a shift toward private enterprise. Construction materials, including 50,000 tons of cement and 20,000 steel beams, have been allocated to support the effort. Community feedback gathered from 2,000 residents helped shape the program, with plans to expand it to rural areas by mid-2026.
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