<h6><strong>The Diplomat</strong></h6> <h4><strong>The governments of Spain and Cuba have launched a medium- and long-term Debt Conversion Program with the aim of mobilizing up to €375 million to finance sustainable development projects in key sectors such as energy, water, and food security, among others.</strong></h4> The program, agreed between Spain and Cuba in 2016 and linked to the multilateral agreement reached within the Paris Club in January 2025, was launched this Thursday in Seville, on the sidelines of the Fourth International Conference on Financing for Development (FFD4). On Spain's behalf, the text was signed by the Minister of Economy, Trade, and Business, Carlos Cuerpo. The program's resources will be able to finance projects executed by both Spanish and Cuban companies, as well as through international organizations and specialized organizations with operational experience in the country. This mixed structure facilitates the participation of actors with technical capacity and a commitment to standards of transparency, efficiency, and accountability. According to the Government, this measure represents "a significant step in Spain's commitment to innovative debt relief instruments that are geared toward concrete results and effective cooperation" and is aligned with the objectives of the FFD4. Specifically, during the conference, Spain announced the launch of the Global Hub for Debt Conversion into Development Investments, an initiative aimed at promoting these programs and increasing financing for projects in health, climate change, and other sustainable development goals. According to the Government, debt conversion programs aim to boost economic growth and social development in developing countries by forgiving debt and transforming it into high-impact investment projects. In the last two decades, Spain has signed 47 agreements with 28 countries, resulting in the forgiveness of €1.645 billion.
