The Central Bank of Cuba (BCC) approved new regulations governing the opening of bank accounts and the management of financing for Local Development Projects (PDP), with provisions that establish who can be account holders, how they should operate, and what sources of funds they can use to finance their activities.
The , signed by Juana Lilia Delgado Portal, president minister of the BCC, was issued on October 13 and appears in the , pages 15 to 17, alongside three other regulations that update the legal framework for territorial development in Cuba.
According to the first article of the regulation, its purpose is to "establish the procedure for the opening of accounts and the management of financing for Local Development projects, taking into account their classification, holders, and sources of financing."
Banks must open current accounts in Cuban pesos (CUP) in accordance with the title of the approved project, either by agreement of the Municipal Administration Council or by resolution of the provincial governor.
The resolution lists the eligible holders to operate those accounts: state entities, self-employed workers, agricultural and non-agricultural cooperatives, mass and social organizations, micro, small, and medium enterprises (MIPYMES), landowners and usufructuaries, legally recognized institutions and associative forms, and other natural or legal persons authorized.
When a project has multiple holders, they must present the contract signed between the parties, which establishes who operates the current account.
In addition to accounts in CUP, the regulation allows holders to request the opening of a foreign currency account "when they access any of the legitimate sources of foreign currency, both external and internal, regulated by current regulations."
In terms of financing, the resolution establishes that the municipal Administration councils will create a Local Development Fund in each municipality.
For projects in the economic-productive modality, the resources from that fund are transferred to a Trust Fund managed by the banks and executed through loans subject to the risk assessment of each institution.
The beneficiaries of these loans will pay an interest rate of 4%, an amount that is entirely deposited into the bank as a management fee for the fund.
Economic and productive projects can also be financed with the banks' own resources, in which case they will accrue the minimum interest rate for the approved term in accordance with the BCC regulations.
The Resolution 118/2026 was issued in compliance with the , titled "For the Strategic Management of Territorial Development," which was approved on August 20, 2026, and ordered the BCC to issue the necessary regulatory provisions within a maximum period of 30 calendar days from its publication.
With its entry into force, the , which until now regulated the banking procedure for the management of PDL financing, is repealed.
Gaceta No. 87 also includes the and the , which complement the regulatory framework aimed at updating the legal structure of local development in Cuba in its strategic, economic, and budgetary dimensions.
Related videos:
Filed under: