Cuba claims to have "readjusted" its enormous debt to China in several areas. It also emerged that the two countries signed an unprecedented agreement. Here's what we're talking about.
Indeed, during the Cuban president's third visit to the Asian nation, several meetings were held on topics of common interest. Examples of this included the meetings between the Cuban delegation and representatives of more than 70 companies from 15 Chinese provinces.
Unpayable and readjusted debts
On the sensitive issue of Cuba's debt to China, both parties revealed an important agreement on its restructuring. This was explained by Cuba's Minister of Foreign Trade and Investment, Oscar Pérez-Oliva Fraga.
"Government debt has already been reorganized, and work is being done on the final details to sign the reorganization of banking and financial debt. The conditions are also in place to gradually begin the reorganization of corporate debt," Oliva Fraga emphasized.
As is usually the case, the Cuban side did not explain the exact amount of the debts. However, the official did state that the amounts are very high.
During the meetings between the two countries, areas of cooperation such as food production and the energy sector were defined. They will also work together in the area of information and communications technologies.
The collaboration will also cover oil exploration and exploitation, mining, andcupgeneration of the Cuban sugar agro-industry, tourism and trade.
It was recently announced that Chinese and Cuban companies have begun jointly producing aspirin to supply the Cuban population. This is a collaborative project that is already underway.
Single Agreement
The island's government confessed that it had reached important and exclusive agreements with China, never before signed anywhere in the world.
It is an agreement that establishes the actions and tasks for the joint implementation of the Belt and Road Initiative. It is a document that China has signed with a country for the first time. Thus, it was Cuba's turn based on the consensus and agreement between the two nations' top leaders, said Oliva Fraga himself.