Cuba Business

Cuba’s Castro to Discuss $400 Mln Debt to Mexico

Posted July 07, 2003 by publisher in Cuba Business.

(Bloomberg)—Cuban President Fidel Castro and Mexican Foreign Minister Ernesto Derbez will discuss a repayment schedule for the Caribbean island’s $400 million debt to Mexico’s import-export bank, Reforma newspaper reported.

Castro and Derbez will meet on the sidelines of a summit of the Caribbean Community and Common Market in Jamaica today to discuss a restructuring plan for a loan granted to Cuba by Banco Mexicano de Comercio Exterior in the early 1990’s, among other topics, the paper said, citing Miguel Hakim, deputy foreign minister for Latin America.

“The process is in the hands of the lawyers’’ and Derbez will seek to “renew these relations that have suffered negative effects in the past months,’’ the Mexico City-based paper quoted Hakim as saying.

Relations between Mexico, one of Cuba’s main trading partners, and the island nation have been strained as Mexico increased its U.S. ties. Jorge Bolanos, Cuba’s ambassador to Mexico, said Mexico’s vote in favor of a United Nations resolution condemning Cuba’s human rights record, would hurt relations between the two countries.

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