Santiago de Chile, July 30 (RHC)-- The Economic Commission for Latin America and the Caribbean, ECLAC, says that the U.S. blockade on Cuba hinders the development of that island nation, although it noted that some advancements taking place in the Caribbean country despite the economic sanctions.

ECLAC’s Executive Secretary Alicia Barcena said in Santiago de Chile that although some opening has taken place in sectors like tourism and trade, the truth is that the U.S. blockade continues to increase financial costs for Cuba.

“We submitted a report to the UN General Assembly, and we did some calculations that revealed that the blockade inflicted damages on Cuba estimated at about 117 million dollars in 2014,” said Barcena.

As to Cuba's economic prospects, Barcena said that there is significant progress, but there is still the barrier of the blockade. She added that some U.S. travel restrictions have been lifted, but that the blockade was a more difficult issue.