According to Euronews, 90% of Cuba’s debt to Moscow will be taken care of, about $29.53 billion and the remaining 10% ($3.29 billion), to be paid over the next 10 years. The remaining 10% also predicted to be invested directly back into sectors of the Cuban economy.
Russia plans specifically to invest in the development of Cuba’s Mariel Port, which is conveniently located 30 miles from Havana on the northwestern coast, situated in the Gulf Shore facing the United States.
According to NPR, in the 1980’s, ” it was the exit point for 125,000 Cubans who were desperately fleeing to Florida, some of them with assistance from the U.S. government. The Soviet Union was collapsing, and its aid to Cuba was withering. That, coupled with decades of U.S. embargo, was causing the island’s economy to nosedive.”
Now Mariel is a much quieter city, however that could soon change with the re-development of the port. The Mariel Port would be able to lodge some of the world’s largest cargo ships, with the help of Russian investment.
Russian Minister of Defense, Sergei Shoygu stated, ” that Russia would establish permanent bases in Cuba, Vietnam, Nicaragua, Singapore, and the Seychelle islands off Africa. The Russian navy also plans to visit other friendly countries, and Moscow is negotiating to open refueling stations for its strategic bombers.”
With Russia offering to cut off previous Cuban debt, there will be a much stronger resurgence of Russian influence within Cuba, just like in the olden days.