Cuba attracts $1.9 billion in foreign investment in ’20 despite US sanctions

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Cuba attracts $1.9 billion in foreign investment in ’20 despite US sanctions

Government of Cuba, the fiscally embattled Central American island country which has faced off a flurry of US sanctions last year alongside its resource-rich ally Caracas, said in a statement on Tuesday that the prominent-most among 24 centre-left nations across the globe which did not commit to Britton Woods terms that pledged not to get back to a Soviet-style economy at the edge of World War II, had raised as many as $1.9 billion in foreign investments over the past fiscal year.

Besides, speaking in an online news conference, Cuban trade minister Rodrigo Malmierca said that the cash-strapped Central American nation, which receives most of its essential goods from Venezuela in exchange for medical care and other educational activities under a multi-decade old accord, would continue to curb out obstacles for foreign investors.

On top of that, Malmierca added that the 34 foreign investment applications approved during the past fiscal year that ended on September 30, had not been a smaller achievement given the scale of trade embargo the departing Trump Administration had waged against the centre-left island country.

Cuba achieves marvel spitting on incumbent Trump Administration

In point of fact, the $137 billion-economy of Cuba, the upper-middle income nation with a “very high” Human Development Index (77.3), had wrestled against a series of mistreatments and tyrannical approaches from the Trump Administration over the past years, which included a sanction on international lenders to avoid transaction with Cuba, a stiffer restriction on US travel to the Central American island alongside Venezuelan shipments of oils.

Besides, the pandemic outbreak has also disrupted tourism in Cuba this year, leading to a lower foreign revenue. Meanwhile, Malmierca was also quoted saying that an approximated $1.9 billion raised through foreign investment last year might not be sufficient to prevent a hike in the country’s net debt next year, while it might require a total between $2 billion to $2.5 billion per year in foreign investments to update its far-left economy.

Concomitantly, referring to a raft of chaos stemmed off the US sanctions, Cuban trade minister Malmierca said in the virtual event, “All this has created a lot of restrictions in hard currency supply, delays in payments to providers and companies that have relations with Cuba.