Finnfund

CariFin is pleased to announce the signing, on July 8th, of a loan agreement in the sum of 3 million US dollars with the Finnish Fund for Industrial Cooperation Ltd., (Finnfund). The loan, which has a 3-year tenure, is intended to support CariFin's lending operations in Cuba.

The State of Finland is the majority shareholder in Finnfund, an institution that offers finance to enterprises operating in developing countries. The finance granted to CariFin is intended for development of the Cuban financial sector, together with Britain's CDC Group. Both CDC and Finnfund are members of the EDFI consortium of European development finance institutions.

This is Finnfund's first investment in Cuba. "We are pleased at the confidence that Finnfund is expressing in CariFin and in Cuba," said Paul Nabavi, executive president of CariFin. "It is not always easy to secure new finance and we believe that the support shown by a highly regarded financial
institution such as Finnfund is evidence that there are foreign lenders who believe in this market."

Hannu Uusi-Videnoja, Finland's ambassador accredited to Cuba, said today in Havana that he was delighted at the signing of the loan agreement with CariFin for financing interesting projects in Cuba. "The loan is a mark of confidence in the strengthening development of the Cuban economy in the years ahead," he said. "This is a trend that Finland wants to support, to promote the welfare of Cubans."

For more information
Executive president Paul Nabavi, CariFin
tel: +53 7 204 4468 or +53 7 204 4147
fax: +53 7 204 5950
e-mail: pnabavi@cdc.com.cu
address: Calle 22 No 311 y 313 entre 3ra. y 5ta., Miramar, Havana, Cuba