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Cuba: Spain to Turn Cuban Debt into Investment to Counter US Measures

The Madrid government said on Monday that it would convert some 375 million euros (420 million dollars) of Cuban debt owed to Spain into investments in the island, reported dpa news.

The announcement came less than a week after the US reactivated a law allowing its citizens to sue foreign companies and individuals utilizing property confiscated in Cuba by the government.

“[The new fund] is good news,” said Reyes Maroto, the Spanish minister of industry, trade and tourism, in Havana.

“It will allow us to continue to develop investments of Spanish companies in Cuba and strengthen ties,” she added.

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