Business Briefs

■ Trade
Delegaton meets with EBRD
A delegation headed by Tien Hung-mao, Taiwan's representative to London, was to meet with Jean Lemierre, president of the European Bank for Reconstruction and Development (EBRD), yesterday to discuss ways of promoting bilateral cooperation. The delegation, consisting of financial officials and diplomats from Taiwan, will also attend the 13th annual meeting of the EBRD in London today and tomorrow, including its Board of Governors' meeting, business forum and donors meeting. Tien said before the meeting that Taiwan shares the EBRD's aim of promoting democracy and the market economy and looks forward to closer cooperation with the EBRD on the basis of reciprocity. Founded in 1991 following the collapse of communism in Eastern and Central Europe, the EBRD has used the tool of investment to help build market economies and democracies in 27 countries from central Europe to Central Asia.

■ Trade
Cuba signs US trade deal
The Cuban state-run company Alimport has signed new contracts with US firms for food imports worth more than US$100 million, its president, Pedro Alvarez, announced Friday. Alvarez said the new contracts were worth US$106.4 million in powdered milk, beans, fruit, oil and soy flour, frozen chicken and turkey, wheat, maize and rice. About 400 representatives from 172 firms in 30 US states were present in Havana for business negotiations that lasted four days and ended Friday. With the new contracts, Cuba's food imports from the US, including shipments and other services, increased to US$822 million since December 2001, Alvarez said. The US has maintained a stubborn trade embargo on Cuba for four decades, but at the end of 2001, it eased the sanctions to allow US companies to sell agricultural products to Havana.

■ Financial aid
IMF approves Turkey loan
The International Monetary Fund (IMF) approved a new US$495 million loan for Turkey on Friday, the latest installment in an assistance package designed to bolster the country's economy. The IMF's 24-member executive board approved the new loan and also agreed to extend the country's assistance package through February. It marked the seventh loan installment Turkey has received from the IMF under an economic support program that began in February 2002. So far, Turkey has drawn US$16.2 billion in loans out of a total package of US$18.6 billion. In approving the new loan, the IMF executive board granted Turkey's request for certain waivers from earlier conditions the IMF had imposed to receive the loans.