12/06/13 - STANDART NEWS (Sofia) - Bulgaria cancels Cuban debt
The government of PM Plamen Oresharski empowered the Bulgarian representatives in the Board of Directors of the International Investment Bank to approve the scheme for the restructuring of Cuban debt towards the IIB as agreed by the Board.
All of Cuba's debt to the IIB, amounting to 178 million euros, including overheads and interest, will be canceled. The debt is the result of credits dating back from before 1990 for the construction and heavy industry sectors, incurred under COMECON.
A separate debt, amounting to 35 million euros, resulting from Cuban obligations on IIB's deposits, will be restructured.
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