China agreed to restructure Cuba’s debt and provide new trade and investment credits to the Caribbean nation after a meeting in Beijing between the leaders of the two communist countries.
Cuban Economy Minister Alejandro Gil said China had also donated US$100 million to help the country deal with shortages of basic products and an energy crisis exacerbated by Hurricane Ian, which decimated western Piñar province. del Rio at the end of September.
Gil spoke in an interview with the official media who was traveling with President Miguel Díaz-Canel. He returned home for the weekend after touring Algeria, Russia, Turkey and China.
Chinese trade and investment has slowed in recent years due to Cuba’s failure to meet restructured debt payments, according to analysts and diplomats, a situation made worse by tighter US sanctions, the pandemic and poor domestic economic policies.
“We will find mutually acceptable formulas for ordering and restructuring debts,” Gil said.
Analysts estimate the debt at billions of dollars, although no official figures are available.
Source: CNN Brasil
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