News Cuba's first loans equal $14 million
By Leandro | 
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Cuba said Thursday its banks had loaned out more than $14 million since the island's government first authorized the lenders to offer credit lines late last year.
The average amount borrowed -- among nearly 50,000 loans given in the first half of 2012 -- was about $290.
Most of the loans have been used to repair homes and purchase construction materials, said Central Bank President Ernesto Medina.
People traditionally turn to family and friends when they need a loan but the state introduced its new lending policy in December 2011, as part of economic reforms introduced by President Raul Castro. /AFP
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