The Vice President of Cuba, Ricardo Cabrisas, and the Minister of Economy and Competitiveness of Spain, Luis de Guindos, held a meeting this afternoon in Madrid to address issues of mutual interest in the economic field. Within the traditional good relations between both countries, Cuba now represents a new opportunity for Spanish investments. In this context, the Cuban and Spanish authorities actively work to expand economic, commercial and financial relations.
With this objective, in June 2014 the Spanish Export Credit Insurance Company (CESCE) opened with Cuba a new line of credit insurance coverage for short-term financial operations for an amount of up to 25 million euros. Last June the Spanish Development Financing Company (COFIDES) announced its line of financing to support investment projects by Spanish companies on the island for an amount of 40 million euros.
Cuba's short-term foreign debt with Spain has also been addressed at today's meeting, in which the foundations for an agreement have been laid to allow the establishment of new conditions. The content will be ratified by the Governments of the two countries at a future meeting in Havana.