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Cuba and 'Paris Club' reached important agreement

Cuba and the UK, along with 13 other ‘Paris Club’ creditors reached an agreement on Cuba’s multi-billion dollar debt

On 12th December, Cuba and the UK, along with 13 other ‘Paris Club’ creditors reached an agreement on Cuba’s multi-billion dollar debt. This followed extensive negotiations over a number of months. The final deal will include both debt forgiveness, and an agreement by Cuba to make payments of arrears.

UK Foreign Office Minister Hugo Swire MP tweeted: “Pleased UK & Cuba have agreed to restructure debt as part of Paris Club deal. Important step for Cuban economy and our bilateral trade.”

British Ambassador to Cuba, Tim Cole, said: “The UK supports Cuba’s efforts to address its debt, and normalise its relations with the international financial community. This important deal comes a year after the UK and Cuba signed an agreement on short term debt. These are both important steps for Cuba, and will be encouraging for UK companies seeking Cuban trade and investment opportunities.”