The Governments of Cuba and Spain have initiated the procedure to transfer to the bilateral relations the agreements reached within the framework of the Group of Creditors of Cuba in the Paris Club last December regarding the restructuring of the medium and long term debt . 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 forgiveness of late payment interest and reimbursement of principal and interest were established within 18 years.

In the course of a meeting today in Madrid between the vice president of the Council of Ministers of Cuba, Ricardo Cabrisas, and the Minister of Economy and Competitiveness of the Government of Spain, Luis de Guindos, laid the foundations 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 Countervaluation Fund may be created to finance projects in Cuba agreed by both parties, which will allow deepening bilateral relations.

The Minister of Economy and Competitiveness has transferred to 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). Export), with the aim of promoting collaboration between both countries and enhancing the presence of Spanish companies in Cuba.

These measures are in line with those agreed in the month of November regarding short-term debt, which have allowed us to open 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 important presence of Spanish companies on the island.

Source of the new