Finland and Cuba reach agreement on debt adjustment

Press release 127/2016

A bilateral agreement related to an outstanding payment of EUR 2.95 million payable to the Ministry for Foreign Affairs by Cuba was signed in Havana on 27 June 2016. The agreement concerns the rearrangement of Finnish development aid granted to Cuba in 1973 and 1976.

The agreement was signed by Secretary of State Peter Stenlund from the Ministry for Foreign Affairs and Vice President of the Cuban Council of Ministers Ricardo Cabrisas Ruíz. The bilateral agreement is a part of the debt adjustment, negotiated within the Paris Club in December 2015.

According to the agreement, Cuba will pay off its loan of EUR 2.95 million and the contractual interest of about EUR 300,000 within 18 years.

The agreement will contribute to the promotion of trade between Finland and Cuba.

Another bilateral agreement, which is related to an outstanding payment of EUR 37.8 million payable to the State Guarantee Fund by Cuba, was signed in Havana on 17 March 2016. The outstanding payment had accrued from export credit guarantees granted 30 years ago. Finnvera has now made guarantees available for small export transactions with Cuba.

Inquiries: Anu Korppi, Unit for Latin America and the Caribbean, tel. +358 295 351 481.

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