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Denis Manturov, Russia’s industry and trade minister announced the details during the sidelines of the talks.
The agreement also stipulates that the remaning debt will be restructured in a 10-year refinancing plan – the deal will be finalised by the end of the year.
Cuba is Russia’s largest debt holder since the Soviet era.
Another significant outcome of Medvedev’s trip to Cuba was a deal agreed for the purchase of Russian aircrafts worth $650 million.
Cuba confirmed its interest in the purchase of three Ilyushin-96-400 long-haul jets, three AN-158 regional planes and two TU-204SM mid-range aircraft.
Russian company Ilyushin Finance and the Cuban Aviation Corporation signed an option agreement on the delivery of three Antono
v An-158 passenger aircraft and a number of other agreements in the presence of the Russian prime minister and Cuban leader Raul Castro following talks.
Medvedev arrived in Cuba on Thursday to meet Raul Castro, following a trip to Brazil.
The sides have discussed cooperation between their countries and opportunities to strengthen ties.
Trade turnover between Cuba and Russia is over $200 million.
Intergovernmental agreements on cooperation have been signed in the space industry, science, technology, environment and hydrometeorology.