- Business
- Childbirth & Education
- Legal Formalities
- Motoring
- Other
- Pensions & Benefits
- Property & Accommodation
- Taxes
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Join us for Tea on the Terrace
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
- Liva & Laia : 15th November
In a new move aimed at strengthening bilateral economic relations, Spain has agreed to refinance 201.5 million in short-term debt Cuba owes the Spanish government.
On Monday, Economy Minister Luis de Guindos signed an agreement in Havana with Cuban Vice President Ricardo Cabrisas that paves the way for Spain to forgive part of the money it lent to Havana, including interest and penalties for late payments.
The money is owed to CESCE (Spanish Company for Insured Credit for Export), which earlier this year resumed short-term coverage for Spanish businesses in Cuba after it stopped covering investors in 2000 because of the size of the debt.
The agreement, which was signed at the the Council of State's headquarters in Havana, came after government officials from both sides held talks in July in Madrid to bolster relations, including cooperation in joint research and development projects.
Spain has been anxious to strengthen its economic ties with Cuba now that the United States has begun a process of normalizing relations with the government of Raϊl Castro, a move that is expected to lead to more foreign investment in the island.
This summer, Castro agreed to renegotiate Cuba's debt, which he estimated stands at $15 billion (13.7 billion), with 16 creditor nations belonging to the Paris Club, an informal group of official creditors who seek solutions to payment difficulties experienced by debtor countries.
Cuba's debts with Spain total about 535.6 million, but this figure had increased five-fold in the last three decades with interest and penalties for late payments.
"As new stages and new opportunities are opening, I'm convinced that Spain as occurs in foreign trade and in many other markets will play a fundamental role, especially given the long-standing relationship with Cuba," Efe news agency reported De Guindos as saying.
Recommended Reading :
* Spain managing to hold off impact of global slowdown : IMF report
* Spain risks missing 2015 and 2016 deficit targets : Brussels report