The Governments of Cuba and Spain have begun the procedure to transfer to bilateral relations the agreements reached within the framework of the Group of Creditors of Cuba at the Paris Club last December regarding the medium and long-term debt restructuring . That agreement was signed by 14 creditor countries with the Cuban Government on December 12 for a total of 11,083 million dollars, of which 22.3% corresponded to Spain. A cancellation of default interest and repayment of principal and interest were established within 18 years.
In the course of a meeting today in Madrid between the vice president of the Cuban Council of Ministers, Ricardo Cabrisas, and the Minister of Economy and Competitiveness of the Government of Spain, Luis de Guindos, the foundations were laid for Spain to proceed with a remission additional debt of Cuba through the signing of a Debt Conversion Program in the near future. To this end, a Countervalue Fund may be created to finance projects in Cuba agreed by both parties, which will allow deepening of bilateral relations.
The Minister of Economy and Competitiveness has informed the representative of the Cuban Government that Spain will also resume the coverage of medium and long-term export credit insurance operations by CESCE (Spanish Credit Insurance Company for the Export), with the aim of promoting collaboration between both countries and enhancing the presence of Spanish companies in Cuba.
These measures are in addition to those agreed on last November regarding short-term debt, which have opened a new stage in bilateral relations. During a visit to Havana, the governments of both countries signed a short-term debt restructuring agreement, which amounted to 201.5 million euros. The objective of the agreement was to facilitate relations between the two countries and increase the already significant presence of Spanish companies on the island.