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Cuba; Mexico: 70% of Debt Forgiven

(Nov. 8, 2013) The Mexican Sectary of Finance and Public Credit (SHCP), Luís Videgaray, reported that the Mexican Government will forgive payment of 70% of Cuba’s debt to Mexico, which amounted to about US$487 million. The federal officer explained that this debt came from a loan that the Cuban government obtained from the National Foreign Trade Bank (Bancomext) almost 15 years ago. (México Condonará 70% de Deuda a Cuba, EL UNIVERSAL (Nov. 1, 2013).)

Videgaray said in a radio interview that Cuba will pay the remaining 30% of the debt within ten years. He added that this payment arrangement will allow the restoration of diplomatic relations and other relations with the island nation. (Id.)