Individuals and small businesses can now borrow smaller amounts and have more time to pay back the government. President Raul Castro had launched the programme two years ago as part of measures to reform Cuban socialism. The minimum lending has been reduced from 3,000 to 1,000 pesos ($41; £67).
The measure was published in the official gazette. People will also be allowed to use their houses or jewellery to guarantee their loans.mThe maximum period of the loans has been extended from five to 10 years. 'Civilised relations' Earlier this month, the Cuban government lifted restrictions on private individuals buying new and second-hand cars.
Any Cuban citizen or foreigner with enough money will now be allowed to import the vehicles through an official agency. Previously, official permits were required and they were often issued to government officials, doctors and other people with access to the authorities, such as sports stars. The main aim of the reforms introduced in the last few years is to keep the economy afloat
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