China has agreed to restructure Cuban debt and provide new trade and investment credits to the beleaguered Caribbean Island nation after a meeting in Peking between the two Communist countries’ leaders.
Cuba Economy Minister Alejandro Gil said the latter had also donated $100 million to help the country cope with basic goods shortages and an energy crisis worsened by Hurricane Ian, which decimated western Pinar del Rio province in late September.
Chinese trade and investment has slowed in recent years due to Cuba’s failure to meet restructured debt payments according to analysts and diplomats, a situation worsened by tighter U.S. sanctions, the pandemic and domestic economic inefficiencies. China is Cuba’s most important commercial partner after Venezuela, though trade has declined from over $2 billion in 2017 to $1.3 billion last year, according to the Cuban government.Gil said China had agreed to quickly complete a floating dock, wind power and solar energy project, among others.
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