Cuba's largest creditors will be forgiving the nearly-broke communist island a large part of their debt.

FOX News' Eben Brown reports from Miami:

Cuba owes a lot of other countries a nice sum of money... But now those nations say it will cancel $8.5-billion Cuba owes in the form of interest payments, simply on promise by the Castro regime that it will pay off the principal $2.6-billion over the next 18 years.

The deal was arranged by France, which is Cuba's largest creditor. The debt-reduction deal had been a long goal of Cuban President Raul Castro, in hopes of further improving foreign relations and modernizing the island's economy.

In Miami, Eben Brown, FOX News.