Debt swap agreement opens new opportunities for Italian companies
Havana, July 13 2016
The work Sace and Simest did together allows CDP Group to bring a revival of Italian exports and investment in Cuba to the forefront. In Cuban capital Havana, a debt swap agreement was signed which will permitted the Cuban government to convert 88 million euros in trade payables due to Sace in a fund (in local currency) to finance strategic projects for the country's development through the involvement of Italian companies or Cuban-Italian joint venture.
The initiative, made possible by the bilateral agreement between the Italian Ministry of Foreign Affairs and International Cooperation and the Cuban government, will allow the CDP Group to support small-to-medium-sized enterprises wishing to enter the Cuban market, which, thanks to recent reforms, offers huge opportunities for Made in Italy and Italian exports.
Italian exports to Cuban in 2015 were valued at 330 million euros, a 45% jump over the previous year.