Spain agrees debt deal with Cuba

On Monday during a visit to Cuba by the Spanish Economy Minister Luis de Guindos and Industry Minister Jose Manuel Soria, the two nations made a deal to re-finance the island´s short term debt.

The ministers were in Havana to inaugurate the Spanish pavilion at the International Fair. Finance Minister De Guindos said, “New stages and new opportunities are opening, I’m convinced that Spain, as happens in foreign trade and in many other markets, will play a fundamental role, especially given the long-standing relationship with Cuba.”

Spain had the best representation at the Fair with 160 companies, a figure which accounted for over 25 per cent of all businesses at the event. The gathering is seen as the most important business event in Cuba.

A number of agreements were signed by the Spanish Ministers during the visit regarding cooperation between the two countries on economic, innovation, industrial and development energy policies.

The main deal however was the refinancing of Cuba´s €201.5 million in short term debt, which includes principal and interest, to Spain.

Ricardo Cabrisas, Cuban Vice President, signed the deal with De Guindos at the headquarters of the Council of State.

The progress in Spain Cuba relations comes after the US and Cuba announced that they were re-establishing diplomatic relations in December of last year.