January 27, 2023

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China offers 100 million dollars to Cuba

Cuban Deputy Prime Minister Alejandro announced on Saturday that China has donated about $100 million to Cuba during an official visit by Cuban President Miguel Díaz-Canel.

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During official discussions Friday with his Chinese counterpart, Xi Jinping, Díaz-Canel said, “The Chinese side gave our country 100 million dollars as a gift,” in statements made public by Cuban television. Gill said.

The economy minister stressed that the donation was a “priority” for the island’s economy, which is facing its worst economic crisis in three decades and has been hit by the strengthening of US sanctions. , in practice since 1962 and the effects of the global Covid-19 pandemic.

The Cuban president concluded an official visit to China on Friday, part of an international tour that took him to Algeria, Russia and Turkey, with the ambition of strengthening the vital electricity sector, which has suffered since May as a result of a severe production crisis. Power outages and fuel shortages.

During the visit, Alejandro Gil announced that the two countries had signed “twelve legal instruments,” some of which “relate to the reopening of new financing” for Chinese investments in Cuba.

The parties discussed the “theme of debt” the island has accumulated “in these (recent) years” with China, the amount of which was not disclosed.

“Our president explained the situation we are facing, the Chinese side has shown understanding, and we will look at everyone’s positions together to find formulas acceptable to each country, to restructure the order and debts,” Mr. Gill added.

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China is the island’s second largest trading partner after Venezuela and an important political ally.

During Miguel Díaz-Canel’s visit to Algeria in mid-November, President Abdelmadjid Tebboune announced the resumption of fuel supplies to Cuba, the donation of a solar power plant and the cancellation of interest on Cuban debt, including an undisclosed amount.