Date Posted: Thursday 20 November, 2008
China grants Cuba delay in debt payment
HAVANA, Cuba – Emanating from a two-day visit by the President of the People’s Republic of China Hu Jintao to Cuba on November 17, many trade and economic benefits were granted to strengthen the ties between China and the Spanish-speaking Caribbean country.
According to Caribbean Net News, President Hu agreed to delay some of Cuba's debt payments, and donated $80 million for hospital modernization and restoration of hurricane-stricken public areas.
The report states that the two countries signed accords on November 18 to “put off 10 years payments for an unspecified trade debt Cuba ran up through 1995, and for five years a $7.2 million credit China granted in 1998”.