The Agricultural and Industrial Development Bank was set up in December 1950 with a capital of $10,000,000 as an autonomous state institution to create and maintain the necessary financial facilities that would provide small farmers and industrialists with credit, mainly medium and long-term loans. These it apportioned equally between the agricultural and industrial sectors. BANFAIC operated successfully until the Revolution of 1959 changed Cuba’s economic framework.
ECONOMIC CHANGES FOR A SUCCESSFUL CUBA TRANSITION
July 27, 2023
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Note: Under the auspices of the George W. Bush administration and in the hope that Cuba’s transition to a democratic society would