Monday, October 3, 2022
Cuban Debt Settlement on Track
Cuba has paid € six million of its debt to the I.R. of Iran, following a debt restructuring agreement signed between Banco Exterior de Cuba (BEC), Export Guarantee Fund of Iran (EGFI) and the Export Development Bank of Iran (EDBI) last September in Habana.

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

“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”, said 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.

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.

Date:
2017/06/24
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1714
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