And it has introduced a new line of public funding for Spanish Development Finance Company for projects of Spanish companies in Cuba that have 40 million initial financing until 2017 and may be extended.
As Secretary of State highlighted sectors such as tourism, construction and services associated with tourism will be the most likely to invest in Cuba in the short term areas. Hico He stressed that Cuba’s new foreign investment law extends to virtually the entire country many benefits that until now had only the special development zone of Mariel.
Financing Line of Cuba was created to support projects of SMEs and large Spanish companies in this country and is endowed with 40 million euros -30 Fund for Investments Abroad (FIEX) and 10 of the Fund Operations Foreign Small and Medium Enterprises (FONPYME) -. However, this provision may be extended according to the needs of Spanish companies. The line includes two products Cuba, the line to finance projects developed in any other province in the country and for specific operations in the Special Development Zone Mariel (ZEDM).
COFIDES financing offers a wide range of products ranging from equity investments in subordinated loans and mezzanine loans or joint venture. “With boundaries between 75,000 euros and 30 million euros, will finance both production plants and commercial implementations with longer maturities up to 12 years with 4 of lack for productive and up to 3 six-month grace period for noncommercial implementations,” he explained. Co-financing can be up to 80% for both projects by FIEX as FONPYME.
As for the line for projects developed in the ZEDM, President of COFIDES noted that “this is an additional line for which it will provide loan finance joint venture to cover 100% of the capital requirements, with limits 75,000 to 2 million euros within three years and grace period of up to six months and co-financing to 80% for both projects by FIEX as FONPYME “.
Source: Empresa exterior