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Since the objective of this mission is to amass $500,000 before 1990, you want to focus on maximising income and minimising costs. The former is done by developing industry (don't bother with tourism), and the latter is done by only giving your people the bare minimum to keep them content. Start by mining the iron and bauxite deposits and building tobacco farms. When you are asked to send a petition to the King, choose industrial first so that you can build factories later, and request government buildings later. Give the people cheap housing, a cabaret, a church, and a clinic. Then later on, build the cathedral and high school. Don't waste money on raising happiness beyond 50-55%, otherwise service costs and wages will spiral out of control and drain money from the coffers. Only give the people what they need to shut them up.
I might have done it with same idea as Mandrake too or go with the government buildings first. Went for the better houses after building ministry and getting developement pack from Russians. In one try I failed cause of too high upkeep costs and too low income.
I think the main difficulty came for me from playing as Fidel Castro. His traits work for farming but not for industry. While keeping economy running on raw materials and building infrastructure I got the people educated for factory buildings needs and then got the industry buildings unlocked.
There was also this one edict I used near the end to boost value of goods produced.