China Inks Cuba Accords as Xi Wraps Up Latin America Trip
By Bill Faries Jul 23, 2014 10:09 AM ET
China President Xi Jinping wound down a eight-day tour of Latin America and the Caribbean vowing to boost investment and cooperation with Cuba as President Raul Castro struggles to reverse slowing economic growth.
Cuban and Chinese officials signed 29 accords ranging from financing for biopesticide plants and the port of Santiago to agreements over tobacco and nickel exports, oil exploration and golf course development, state news agency Granma reported on its website today.
“China is leading the charge to begin deepening our comprehensive reforms, while Cuba is in the process of updating its economic model,” Xi said at an event with Castro, 83. “We are full of confidence over the future development of relations between our country and Cuba.”
Xi brought more than $15 billion in trade and investment agreements to Latin America and the Caribbean at a time when the region’s biggest economies are seeing growth slow. China pledged more than $8.6 billion during Xi’s visit to Brazil, where he joined leaders from the BRICS political bloc in creating a $50 billion development bank.
In Argentina, Xi and President Cristina Fernandez de Kirchner signed agreements creating an $11 billion currency swap mechanism and $7.5 billion for upgrades to a key rail line, hydroelectric plant developments and enhanced nuclear cooperation. He also agreed to a joint auto venture with Venezuela.
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http://www.bloomberg.com/news/2014-07-23/china-inks-cuba-accords-as-xi-wraps-up-latin-america-trip.html
