Madrid, May 4 (EFE). - Spain and Cuba signed an agreement on Wednesday to restructure Cuban debt for medium and long terms, according to the Spanish ministry of economy.

The ministry noted that medium and long term debts owed by Cuba has surged to 2.44 billion euros ($2.81 billion) by the end of last October, and none of these amounts have been repaid.

The agreement was signed on Wednesday by acting Spanish Minister of Economy Luis de Guindos, and the vice president of the council of ministers of Cuba, Ricardo Cabrises.

Last November, during a visit by De Guindos to Cuba, a mutual agreement was signed to restructure Cuban short term debts, which amounts to 201.5 million euros ($231.7 million).