On Wednesday, May 4, the Cuban Foreign Ministry reported that Cuba and Spain signed agreements restructuring the island’s medium and long-term debt with the European nation, representing a positive contribution to the development of economic, commercial and financial relations between the two countries.
The agreements between Spain and Cuba stem from a deal reached in December 2015, with the Paris Club ad hoc group and bilateral negotiations between the two countries. This past February, Ricardo Cabrisas Ruiz, a Council of Ministers vice president recognized Spain’s efforts toward reaching a mutually beneficial debt agreement.
During his visit to Madrid, Cabrisas Ruiz noted that now is a good time to continue strengthening trade and expanding investment in accordance with the countries priorities. He noted that the creation of a counter-value fund established through the agreements signed today will enable Spanish businesses to make medium and long-term investments in the country in Cuban National Pesos (CUP).
Last February, Spain again made available medium and long-term credit insurance coverage for Cuban exports through the country’s Export Credit Agency CESCE.
The agreements restructuring Cuba’s debt were signed by Ricardo Cabrisas Ruiz, a Council of Ministers vice president, and Luis De Guindos Jurado, minister of Economy and Competitiveness; Emma Navarro Aguilera, director of the Official Credit Institute (ICO), a public bank affiliated with the Ministry of Economy and Competitiveness; and Beatriz Reguero, CESCE Country Risk and Debt Management Department Manager, on behalf of Spain.
Also present at the signing were Spanish Secretary of State for Trade, Jaime García Legaz, together with Arnaldo Alayón Bazo, vice president of the Central Bank of Cuba, Amelia Morales Domínguez, deputy minister of Economy and Planning, and Eugenio Martínez Enríquez, Cuban ambassador to Spain, among other officials.