Cuban Debt Settlement on Track

By John Lee.

Cuba has paid €6 million of its debt to Iran, following a debt restructuring agreement signed between Banco Exterior de Cuba (BEC), the Export Guarantee Fund of Iran (EGFI) and the Export Development Bank of Iran (EDBI) last September in Havana.

Arash Shahraini, EGFI’s deputy CEO, who held fresh rounds of talks with the Cuban side in Habana last week to follow up the issue, said:

“Fortunately, the issue of restructuring Cuban debts has yielded positive results after constant negotiations with the Cuban government and central bank. According to a restructuring agreement signed last year, the debtor agreed to pay €12 million of its debt during the year 2017 and the remaining in the coming year. As a result, €6 million has been repaid since last September.”

He added that during last week’s negotiations with the debtor, in which EDBI’s representatives were also present, the remaining issues concerning the principal amount of debt, accrued interest and forgiveness of delay penalties and etc, were discussed and the agreements were penned in an addendum to the last September’s MOU.

He also mentioned that new short term credits will be extended to Cuba, should the country continues due repayment of its debt instalments as per the agreements reached.

(Source: EGFI)

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