Where do the revenues from vehicle sales in foreign currency go in Cuba? This is what the Minister of Transportation says.

Minister Eduardo Rodríguez Dávila reported on how the revenue from car sales in foreign currency is used. 

In a recent publication On his official Facebook page, Cuban Minister of Transportation Eduardo Rodríguez Dávila offered details on the initial results of vehicle sales in the country, which has been in effect since January 1 of this year. He explained that one of the main new features of this policy is the channeling of foreign currency income to the Public Transportation Development Fund, derived from foreign currency taxes levied on the sale of authorized means of transportation.

"This Fund has been receiving income for the same reason for years, but this income was in local currency, and many of the purchases we need to make in the transportation system are made in foreign currency," the minister noted.

According to the information provided, the funds raised so far this year were used to purchase tires, batteries, parts, and lubricants and grease. Funds were also allocated for purchases related to the Havana Bay Tunnel generator. 

However, Rodríguez Dávila clarified that these are small purchases and are still far from covering the country's real demand. "Much more is needed, and we will acquire larger quantities as financial resources allow," he added.

Foreign currency earnings strengthen the Transportation Development Fund in Cuba

Among the most ambitious projects financed by this fund is the payment for 150 electric tricycles, which are expected to be distributed throughout the country's provinces before the end of the year, he announced. Progress is also being made on plans to acquire raw materials for the production of license plates, as well as the purchase of 10 new bicycles, 000 hearses, 50 eco-mobiles, and tires for transport vehicles in mountainous and provincial areas.

He also announced that one of the most notable projects is the co-financing of a catamaran that will operate between Batabanó and Nueva Gerona, and possibly other ports. According to the head of Transportation, "some of these projects require more than a million dollars."

Rodríguez Dávila acknowledged that the income generated from vehicle sales is not enough to address all the needs that have accumulated over the years, but affirmed that these resources are redistributed "based on the public transportation needs of the majority."

The minister concluded his statement by stating that in upcoming speeches he will address new transportation projects supported by other financial sources. "One way or another, combining them, we will be adding resources that, if properly utilized by our people... can make a difference and improve a transportation system that greatly needs it," he said.