Cuba and Italy regularize bilateral debt
Ricardo Cabrisas, Vice-president of the Council of Ministers, received Mario Giro and Ivan Scalfarotto, Deputy Minister of Foreign Affairs and International Cooperation and Economic Development Secretary, respectively, of the Ministry of Economic Development of the Italian Republic.
During the meeting, held on Tuesday as part of the process of implementation of the Multilateral Agreement signed between Cuba and the Ad-Hoc Group of Cuba Creditor Countries in the Paris Club, four agreements were signed, which together regularize the situation of debts and include the General Agreement for debt restructuring in the medium and long term.
The agreements are on the debt associated with the Official Development Assistance; on the debt contracted with the Italian Agency of Insurance of Credits to Exporters (SACE); and on the establishment of a Cuba-Italy Bi-national Committee.
Thus, it was possible to completely normalize the debt in the medium and long term with twelve of the fourteen members of the Ad-Hoc Group of the Paris Club, which opens new opportunities for financing projects linked to plans for economic and social development in Cuba.
During the meeting, the two parties highlighted the positive state of bilateral relations, which have continued to develop as a result of the official visit to Cuba of the President of the Council of Ministers, Matteo Renzi, in October, and emphasized the potential that exists for their intensification in the economic-commercial sectors and in those of investment and cooperation.