Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.

Publish Date : 29-Sep-2014

An agreement is inked by South Africa to provide Cuba with R350 Million in economic assistance. Davies said that President Jacob Zuma made the offer to Cuba during his state visit in December 2010,. The agreement was in the beginning inked in February 2012, however the execution was delayed and amendments needed to be made.

The money would be used for agricultural development and reconstruction of infrastructure following hurricane damage in 2008. "Further, it is envisaged that the package will stimulate bilateral trade relations between South Africa and Cuba."

The agreement comprised a R40m grant to purchase seeds from South Africa and elsewhere in the world, a R100m solidarity grant to acquire goods from South Africa, and a R210m credit line. The agreement was criticized by the Democratic Alliance. MP Geordin Hill-Lewis said in a statement, "This R350m giveaway to Cuba is a misuse of public money... We condemn this handout in the strongest terms”. "The cash crunch in South Africa's budget is well known. We cannot afford to hand out money to Cuba for no other purpose than to maintain the political ties." He said that there was no value in the deal for South Africa.

"We should not be strengthening our ties with governments that do not respect basic constitutional and democratic principles. "It is a tragic irony that South Africa is helping to fund a regime that denies its citizens the same democratic freedoms that were so hard won in our own country."

Go to previous page