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Cuba: Cuba attracts $1.9 billion in foreign investment despite U.S. sanctions

HAVANA – Cash-strapped Cuba said on Tuesday it had attracted $1.9 billion worth of foreign investment over the past year despite tighter U.S. sanctions and said it continued to reduce internal obstacles to investors.

Trade Minister Rodrigo Malmierca told an online news conference the 34 investments approved since October last year were no small achievement given the “economic war” being waged by the administration of outgoing U.S. President Donald Trump against the communist-run island.

These have included sanctions on Venezuelan shipments of oil to Cuba, ever tighter restrictions on U.S. travel to the Caribbean island and limits on remittances, one of its top sources of hard currency. Washington’s tougher stance has also led international banks to avoid transactions involving Cuba.

On top of that, the coronavirus pandemic this year disrupted tourism and prompted Cuba to implement a partial lockdown.

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