For the first time in six decades, the United States has allowed an investment in a private company in Cuba, by John Cavolic, who told Evey today that he has been in contact with “Joe Biden administration officials” for about a year. Members of Congress and Senators who allegedly helped bring this process to fruition.
Cavolic, head of the US-Cuba Economic and Trade Council, did not provide many details about the “$25,000” investment, nor did he mention the name of the Cuban company, preferring to wait for Cuba to take the lead.
He just announced that this business has nothing to do with the government of Miguel Diaz-Canel, who has been in the service sector for more than 5 years and shows continued growth.
The businessman does not want to mention the names of his interlocutors in the Biden administration: “(They were) officials from the Biden-Harris administration, including the State Department, the Treasury, the Commerce Department, the Department of Defense, and the Department of Justice across the board, as well as in both houses of Congress,” Cavolic says.
So far, the US embargo on Cuba, in force since 1960, has prevented this type of investment, and according to Cavolic, this is the first time this type of license has been approved since the province went into effect.
So far, no official in the Biden administration has talked about this issue or about the eventual lifting of the embargo on investments in Cuba.
The investor submitted the license application to OFAC on June 10, 2021 and this agency gave the green light on May 10, 2022.
Kavulich notes that his efforts with the White House and Congress date back long before the Biden administration, The time he was discovering if his investment efforts could be successful.
After formally submitting his application last June, the businessman was optimistic, but as the months passed he lost hope.
“They gave me contradictory statements and correspondence during the past two months that broke all my optimism,” he recalled, stressing that the recent news of the approval of the investment had completely surprised him.
In order for Cavolic to invest in the company – which he discovered thanks to a Facebook group – he still needs Cuba’s approval, but the entrepreneur says he is “90% sure” he will get it.
He stressed that “I am 90% certain not because the Cuban government is enthusiastic, but because it is necessary,” explaining that this need has become more evident with the huge blow to the island’s economy from the pandemic.
Similarly, Kavulich points out that his goal in this investment is not to seek a “quick dollar,” but to smooth the way for future investors.
My role as Chairman of the Board and the work the Board has done since 1994 is that if there is a problem, We try to figure it out and then let everyone know what we did. And that’s exactly what we’re doing here,” he adds.
For Cavolic, allowing an investment by an American businessman on the island could represent great “potential” for the Cuban private sector.
Yesterday, Biden took another step in opening up toward Cuba by announcing the easing of restrictions on transfers and flights, among other things, and rolling back part of the latest round of sanctions imposed by former US President, Donald Trump.
“It’s hard not to see a connection – between the two. We applied for the license on June 10, 2021. And they issued the license on May 10, 2022, and six days later they announced all these other changes. If one plus one equals two, there’s no doubt about these. The case is that it is not a coincidence.”
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