CAF and Cuba sign first agreement of understanding to establish a joint working agenda

The agreement subscribed in La Habana seeks to promote initiatives that contribute to boost Cuban economic and social development, as well as identify the actions that are necessary for a future incorporation of the country as a CAF shareholder.

CAF, Development Bank of Latin America, signed a first collaboration agreement with the Republic of Cuba, which constitutes a decisive step to consolidate the process to strengthen the relations that both parties have been promoting since 2013.

Enrique Garcia, CAF’s Executive President, and the Minister President of the Central Bank of Cuba (BCC, for its acronym in Spanish), Ernesto Medina, subscribed the text in the framework of an official visit to La Habana between September 1st and 3rd of this year.

The objective of this agreement of understanding is to promote and support technical cooperation programs that contribute to the Nation’s economic and social development. In addition, it lays the foundations so that in the future Cuba may become a CAF shareholder.

In this respect, Enrique Garcia stated “the agreement consolidates CAF’s Latin American and Caribbean identity, and also shows Cuba’s interest in advancing toward new integration prospects in the regional and international scenario”. He also expressed, “This visit is a very important demonstration of the willingness of CAF’s shareholder countries to build a working agenda that contributes to the promotion of economic and social wellbeing in Cuba”.

In the framework of a new international context and of the process to update the Cuban economic and social model, the agreement opens the possibility for CAF to work jointly with other international organizations and financial entities that also support Cuba’s economic and social development with diverse initiatives, such as the International Investment Bank (IIB) or the Agricultural development International Fund (FIDA, for its acronym in Spanish), among others.

During this official visit, the agenda included meetings with the Vice-President of the Council of Ministers, Ricardo Cabrisas Ruiz; Minister of Foreign Trade, Rodrigo Malmierca; Vice-Minister of Foreign Relations, Rogelio Sierra; President of the Universidad de La Habana, Gustavo Cobreiro; and Vice-President of the Universidad de La Habana, Vilma Hidalgo.

CAF’s Executive President also visited the Zona Especial de Desarrollo de Mariel (ZEDM) (Special Development Area of Mariel), and rendered a Master Conference at the Universidad de La Habana regarding the structural challenges of Latin America in the current international context, with the participation of high government officials, teachers, and students.

Since 2013, CAF and Cuba have laid numerous bridges in order to build close working ties and joint collaboration. The development of diverse meetings focused on strategic sectors for the sustainable development of the country and the region, such as infrastructure and the environment, have contributed to increase mutual knowledge and strengthen a joint working agenda that includes regional integration such as the Comunidad de Estados Latinoamericanos y Caribeños (CELAC) (Community of Latin American and Caribbean States) and the Asociación de Estados del Caribe (AEC) (Association of Caribbean States)., September 3, 2016

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