Cuba Increases Commercial Relationship With China; Expansion Of "One Belt One Road" Alliance. Increasing Debts To China.

Beijing, Oct 19 (Prensa Latina) Cuba considered today as an important opportunity to expand bilateral and multilateral cooperation, its integration to the OBOR [One Belt One Road] Alliance for Energy project.

[NOTE: The Republic of Cuba signed a Memorandum of Understanding in 2018 to participate in the Belt and Road Initiative (BRI).]  

Island's ambassador here, Carlos Miguel Pereira, told Prensa Latina that the initiative, designed by China, contains principles and concepts with which his country agrees, such as promoting a future with greater use of green sources.

He highlighted the possibilities of training, technical assistance and exchanges in the implementation of programs that contribute to the main objective of gradually transforming the energy matrix of his country.  The diplomat announced that an action plan will be signed shortly to materialize Cuba's immersion in the strategy, through mega projects to be developed in the coming years.

He also recalled that the energy sector is part of Beijing-Havana cooperation and joining the Alliance ratifies his country's commitment to the Belt and the Silk Road, called to build an international mega-platform for economic exchanges under the principle of shared profit.

Cuba officially entered this mechanism yesterday, and Pereira emphasized the relevance of the initiative to collectively overcome global challenges.

He also ratified the commitment of the Caribbean State to contribute to sustainable progress and invited Chinese companies and institutions and the rest of the members to work in fields such as the promotion of green energy and inclusive access to energy services.

Meanwhile, Minister of Energy and Mines of Cuba, Liván Arronte, referred to measures adopted by his Government to develop renewable sources, promote the efficient use of these resources and achieve independence in this area.

He called for promoting international cooperation and solidarity in favor of poor countries, so they can face the challenges of today's world and comply with the Sustainable Development Goals.  In this endeavor, Arronte denounced the impact of the economic, commercial and financial blockade of the United States, considered the main obstacle for the development of the Island.

China Daily
Beijing, China
28 December 2021

Victor Gao, chair professor at Soochow University in Jiangsu province, noted recently that China is a major power country in the world, especially in new and renewable energy like wind and solar. "And in this regard, China can definitely share its experience with Cuba in many ways, including very interestingly in oil and gas exploration and production," he told CGTN America. "Cuba is very geographically located in the middle of the Gulf of Mexico, and we believe that Cuba actually has large reserves in oil and in gas, but new and renewable energy will be more important because of the climate change impact." In May 2015 the Chinese Export-Import Bank approved a $60 million loan for Cuba to build a biomass plant, which Shanghai Electric took over in 2017. The plant is already connected to the national grid. It is just one small but significant step toward clean energy transition in the country. Shanghai Electric and its joint venture partner Hive Energy also received $160 million from the Export-Import Bank to salvage a photovoltaic park project in Cuba. Venezuela, Bolivia and Suriname have also joined the 31-member BREP.

LINK To Related Analysis

New Report Data Shows Cuba Owing China US$4.643 Billion In "sovereign and hidden debt exposure" For BRI And ODA September 29, 2021