The Biden administration is preparing to unveil new regulatory measures to allow more U.S. financial support for small private businesses in Cuba, a person familiar with the matter said on Monday.
The move, expected as soon as this week, is seen as a long-promised but limited step to ease restrictions to help Cuba's budding entrepreneurs cope with fallout from the Communist-ruled island's crippled economy.
The new measures could be rolled out while Cuban President Miguel Diaz-Canel is visiting New York for the United Nations General Assembly beginning on Tuesday. "We believe the private sector is Cuba's best hope for generating economic development and employment to improve the standards of living for the Cuban people and reduce the current high-levels of migration," a State Department official said.
Privately incorporated enterprise re-emerged in Cuba just two years ago after being effectively banned for decades. But foreign financing has been largely blocked by Washington's Cold War-era economic embargo on the island.Biden last year partially rolled back some Trump-era restrictions on Cuba but has maintained others, insisting Havana must improve its human rights record after a crackdown on protests in 2021.
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