REUTERS
Cuba has reached a deal with its creditors under which they will forgive $4 billion of late payment charges and Cuba will pay $2.6 billion of arrears over an 18-year period, French Finance Minister Michel Sapin said in a statement on Saturday, according to Reuters.
"This agreement opens a new era in the relations between Cuba and the international financial community," Sapin said, Reuters wrote.
Sapin said that of the $470 million in principal and original interest payments that Cuba owes to France, $240 million will be repaid, while the rest will be converted into development projects for Cuba.
France is Cuba's main creditor.
The statement did not specify the amount of principal that has been forgiven.