A recent report by the Juan de Mariana Institute suggests that over the past thirty years, Spain has funneled approximately 4.994 billion euros to financially sustain the Cuban regime. This support has come through various debt forgiveness and restructuring initiatives.
The study, titled "The Cost of Supporting Castroism," was released to coincide with the fifth anniversary of the July 11, 2021 protests. According to the report's authors, the calculations go beyond just the forgiven debt and include the financial burden that Cuba would have faced if it had secured funding under typical market conditions.
The report traces the origin of this substantial figure back to a debt restructuring agreement between Spain and Cuba in 2016. During that negotiation, 2.444 billion euros of debt were restructured, with 1.492 billion euros directly forgiven as delayed interest, accounting for about 60% of the total.
Since then, additional financial relief measures have reduced the outstanding debt to around 286 million euros, implying that nearly 90% of the obligations acknowledged in the original agreement have been forgiven by the Cuban regime.
The authors argue that without these concessions and refinancings, the debt would have soared to approximately 5.280 billion euros by 2026, hence they estimate the effective economic support from Spain to be 4.994 billion euros.
The study also highlights decisions made under the administration of Pedro Sánchez. It notes that in October 2025, the Council of Ministers approved another Cuban debt restructuring of 193.4 million euros. In May 2026, the Supreme Court mandated the Ministry of Economy to disclose details of these operations after nullifying the secrecy classification they were under.
Beyond debt, the report indicates that Spanish backing includes cooperation and funding programs targeting various sectors of the Cuban state, such as energy projects, administrative digitization initiatives, technical assistance, food aid, and police equipment supply operations.
The report also points out that various autonomous communities in Spain have funded cooperation projects with Cuba over the decades. Notably, the Basque Country reportedly channeled over 41 million euros from 1993 to 2019 and approved an additional 250,000 euros in June of this year. Initiatives from Catalonia, Galicia, and other regions are also mentioned.
Moreover, the report highlights a seeming contradiction: while Spain has significantly reduced Cuba's state debt, more than 150 Spanish companies are still owed payments totaling 255 million euros in the island, a figure that rises to 318 million when factoring in withheld funds and blocked dividends. According to the study, some of these companies have ended up in bankruptcy proceedings.
The authors position Spanish support within a broader history of international subsidies that, in their view, have enabled the Cuban regime's economic survival. The document references assistance from the former Soviet Union, Venezuela, and more recently, Russia.
In conclusion, the Juan de Mariana Institute asserts that decades of external financial aid have not resulted in political or economic reforms in Cuba. The regime continues to rely on international subsidies while economic crises, mass emigration, and political repression prevail on the island.
Understanding Spain's Financial Involvement with Cuba
What is the total amount of debt Spain has forgiven for Cuba?
Spain has forgiven approximately 4.994 billion euros of Cuban debt over the past 30 years through various financial relief measures.
How has Spain supported Cuba beyond debt forgiveness?
Beyond debt forgiveness, Spain has supported Cuba through cooperation and funding programs in areas such as energy, administrative digitization, technical assistance, food aid, and police equipment supply.
What impact has Spanish financial support had on Cuban reforms?
According to the Juan de Mariana Institute, Spanish financial aid has not led to political or economic reforms in Cuba, as the regime continues to rely on international subsidies.