Narrative
Full Description
Project narrative
On November 19, 2008, the Chinese Government agreed to extend the repayment period of a 1998 loan to Cuba worth $7.2 million by five additional years. On the same day, China also agreed to extend the repayment period for an unspecified amount of trade-related debt that Cuba accumulated in 1995 by ten additional years. The agreement to defer the repayments was made in acknowledgement of the estimated $10 million worth of damage caused by hurricanes Gustav, Ike and Paloma earlier in 2008 as well as the global economic crisis.