Raul Castro names new foreign investment minister

HAVANA, Nov 12 (Reuters) - Cuban President Raul Castro has named United Nations Ambassador Rodrigo Malmierca to be Cuba's minister of foreign investment, state-run television said on Wednesday.

Malmierca, a 52-year-old economist, will replace the current minister, Marta Lomas, according to the report, which did not say if Lomas would move to a new government post or why the change was made.

Cuba's foreign investment minister oversees the joint venture projects the government conducts with foreign companies, as well as the operations of nongovernmental organizations working in the Communist-run island.

The change comes at a time when Cuba is facing economic challenges due to the global financial crisis and three hurricanes that inflicted nearly $10 billion in damages on the small Caribbean nation.

Malmierca was previously a vice minister in the same department.

The report did not say who will replace him as United Nations ambassador.

It was the second Cabinet change for Castro, who replaced his education minister after he was elected president in February, succeeding his ailing older brother Fidel Castro.

(Reporting by Esteban Israel; Editing by Jeff Franks)