Monday, May 20, 2024
name of Prensa Latina
Bandera inglesa
English Edition
Close this search box.
name of Prensa Latina



Cuba debates on financing opportunities and challenges

Havana, May 16 (Prensa Latina) The Conference on Financing for Development gathers in Cuba on Thursday international institutions, cooperation stakeholders, and government agencies to discuss innovative sources and initiatives to finance development.

The United Nations Development Program (UNDP) informed that the challenges and opportunities for the country to access international financing in areas, including energy transition, production of medicines, and environmental protection, are among the objectives of the meeting, which runs until May 17.

UNDP also highlights global best practices in channeling external financing for development through regional and sub-regional development banks and experiences in the operation and creation of national development banks or other innovative mechanisms.

The international organization recalls that the UNDP 2024 Report on Financing for Sustainable Development highlights the crisis facing the world in this regard, with financial challenges at its core.

UNDP adds that the Global Strategic Plan 2022-2025 has already identified financing for development as an accelerator for the 2030 Agenda.

Hence, the plan promotes a partnership between governments and the public and private sectors to align capital flows with the Sustainable Development Goals and foster financing at a different scale.

The Ministry of Economy and Planning (MEP), the Central Bank of Cuba (BCC), and UNDP, in partnership with the Ministry of Foreign Trade and Foreign Investment (MINCEX), the Ministry of Foreign Affairs (MINREX), and in coordination with the Central American Bank for Economic Integration (CABEI) convened the meeting.

Other international financial institutions, including the Development Bank of Latin America and the Caribbean (CAF), national development banks in the region, international funds related to climate finance, foreign companies based in Cuba, and the United Nations System representatives, are attending the conference.