Spain offers 24 million euros in credit to invest in Cuba
The possible end to restrictions for Americans to freely travel to Cuba as tourists is attracting the interest of Spanish investors, who have focused on this destination as one of the top countries for doing business in the coming years.
The Cuban government itself is aware that does not have enough hotel rooms to accommodate all the demand that may come from its northern neighbor and so casts a capacity of 110,000 beds by 2030, according to the business director of the Cuban Ministry of Tourism, José Daniel Alonso. With this scenario, companies like NH and Melia, which have thousands of rooms in their resorts on the island, are developing plans to expand its presence.
According to the Institute for Foreign Trade of Spain in 2015 252 Spanish companies operate in Cuba, although there could be many more over the coming months and it is estimated that investment demand has not been covered by completely. Among the last companies to have announced plans are Ferries Company Balearia and MSC, which already have US permits to travel and are waiting for the island to release their travels.