Nippon Export and Investment Insurance and Cuba's central bank have struck a basic deal that the Japanese government-backed body will insure up to a total of 6 billion yen in 2009 for business with Cuba, the officials said.

The underwriter suspended accepting new trade insurance applications for business with Cuba in August after the central bank failed to pay for Japanese imports on time.

The insurer, also known as NEXI, will formally decide on the resumption after seeing whether the central bank will be able to pay part of its liabilities, the officials said. In 2008, it insured a total of 22 billion yen in connection with Japanese exports to Cuba.

The central bank, which handles settlements for Cuba with Japanese firms, has a debt of about 25.5 billion yen from NEXI.

The central bank has promised to pay its debt to NEXI over the next three to four years, the officials said.

Cuba was cash-short on the back of rising fuel and food prices, according to the officials.