TERHAN— Iran and Cuba signed on Thursday five cooperation pacts and one memorandum of understanding (MoU) in different areas of industry, mining, energy, banking, commerce, health, agriculture and transport, IRIB reported.

The economic and commercial agreements were signed during a visit by a high-level delegation from Tehran led by Iranian First Vice President Mohammad Reza Rahimi aimed at strengthening ties between the two countries.

Iran’s development contribution to Cuba, health cooperation between two countries, cooperation in insurance, commercial shipping, water supplying, exchange of trade delegations, holding seminars, exchange of university students and sending Persian literature professors are among issues included in cooperation pacts.

The designated credit line for Cuba increased from 200 million euros to 500 million euros, IRNA news agency reported.

Tehran had earmarked 200 million euros credit line to Havana for buying goods and technical services from Iranian companies in the past.

This nominal figure has been allocated to buying transportation wagons, machinery, foods and textile productions and other stuffs as well, he said.

“Cuba will export sugar and nickel to Iran, in return,” the Iranian official told IRNA in Havana.

Bilateral trade between Iran and Cuba totaled $27 million in 2009, dropping off from $46 million the previous year as the global recession hit.

In 2009, the two countries formed a joint venture to produce refrigerators and other small appliances for the Cuban market, in addition to parts for the railroad industry.