European programme to accompany Cuba in its process of socio-economic modernisation

Cuban officials visit Madrid within the framework of the “EU-Cuba Expertise Exchange Programme”, an international cooperation project that aims to accompany Cuba in its process of socio-economic modernisation.

The “Study visit on suitable instruments to be used in hedging transactions” is the latest in a series of activities aimed at improving the Ministry of Foreign Trade’s (MINCEX) negotiation abilities in international trade.

The project, which began in January 2014, has a European budget of €3,500,000. In it, the International and Ibero-American Foundation for Administration and Public Policies (FIIAPP) selects European and third-country experts and institutions to carry out an exchange of experiences, know-how and good practices with Cuban professionals.

During their stay in Madrid, the members of the Cuban delegation have visited the Spanish Securities & Exchange Commission and the Bank of Spain. They will later travel to Bratislava, the capital of Slovakia, where they will visit the country’s finance ministry, among other institutions.

The officials visiting Madrid on this occasion include the Director-General of Economy of the Ministry of Foreign Trade and Investment (MINCEX), Yamila Fernández del Busto, and the Deputy Director-General of Economy of this same ministry, Leniuska Garcia León.

Cuba-EU Expertise Exchange Programme

This is an EU-funded programme between the European Union and Cuba.

One of the objectives of the Exchange Programme is to assist Cuba in developing capacities that will assist the implementation of the programme based on the 2011 guidelines for transforming the Cuban economic model. Specifically, in this case, this refers to foreign trade, access to financial markets, and the control and management of risks.