Signing ceremony of the Debt Conversion Program with Cuba
Spain and Cuba have launched a medium- and long-term Debt Conversion Programme, with the aim of mobilising up to 375 million euros to finance sustainable development projects in key sectors such as energy, water and food security, among others.
The programme, agreed between Spain and Cuba in 2016, was activated in Seville following the signing of the agreement between the two governments, which was signed by Spain's Minister for Economy, Trade and Business, Carlos Cuerpo, and is linked to the multilateral agreement reached within the Paris Club in January 2025.
This measure represents a significant step in Spain's commitment to innovative debt relief instruments that are geared towards concrete results and effective cooperation. It also aligns with the objectives of the 4th International Conference on Financing for Development.
During the conference, Spain announced the launch of the Global Hub for Debt Swaps for Development, an initiative aimed at promoting these programmes and increasing financing for projects in health, climate change and other sustainable development goals.
Boosting the economy
Debt conversion programmes aim to boost economic growth and social development in developing countries by cancelling debt and transforming it into high-impact investment projects.
The programme's resources may finance projects carried out by both Spanish companies and Cuban entities, as well as through international bodies and specialised organisations with operational experience in the country. This mixed structure facilitates the participation of actors with technical capacity and commitment to standards of transparency, effectiveness and accountability.
In the last two decades, Spain has signed 47 agreements with 28 countries, resulting in the cancellation of 1.645 billion euros.
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