Cuba Business

SINOSURE to guarantee financing of Cuba purchases

Posted February 28, 2006 by publisher in Cuba Business.

Prensa Latina

Cuban President, Fidel Castro, attended the signing ceremony of an important financial agreement between his country and China, reports Granma daily Monday.

The Head of State endorsed with his signature the Memorandum of Understanding between SINOSURE, an Insurance and Export Credit agency, which will guarantee financing for Chinese exports, and the Cuban side.

The document envisions an important financial framework to cover the dynamic growth of both nations´ trade turnover.

SINOSURE has growing annual transactions in global trade, which exceeded 22 billion dollars in 2005.

Ricardo Cabrisas, the Government minister, and Francisco Soberon, minister president of the Central Bank, signed the agreement at the ceremony that marked the end of SINOSURE president Tang Rouxin´s visit to Cuba.

As requested by the Chinese delegation, the document expresses the importance that Fidel Castro has given to paying all of Cuba´s financial commitments with China, and Beijing´s satisfaction for Havana´s strict compliance of its duties.


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