The Government of Spain recently approved, after meeting of the Council of Ministers, an agenda to the Bilateral agreement with Cuba for debt restructuring.
According to the information Published by La Moncloa, The figure amounts to 193.4 million euros, 141.3 million Canadian dollars and 811 634 US dollars.
All this, the Spanish Government reported, derived from credits granted with charge to the Internationalization Fund of the Spanish company (FIEM).
The agreement, initially signed in 2016, is part of Spain’s efforts to maintain the financial viability of Cuban debt and facilitate its payment in more flexible conditions.
It is not the first measure in this regard. Last July, Madrid launched a Debt conversion program with Cuba of up to 375 million euros.
The program is intended to finance sustainable development projects in strategic sectors such as energy, water and food security.
This program was activated after the signing of a bilateral agreement in Seville, during the IV International Conference on Development Financing (FFD4) on that date, and reinforces Spanish cooperation with the island.
The Cuban debt with Spain is currently estimated at almost 2 billion, accumulated since the 80s.
Spain agrees with Cuba a debt conversion program of up to 375 million euros
