The Obama administration has taken another huge step in its effort to normalize relations with Cuba by removing the nation from the U.S. state sponsors of terrorism list.

Back in April, Deputy National Security Adviser Ben Rhodes announced that the State Department is "nearing its completion" of its review of the state sponsor of terrorism designation process, reports CNN.

The review determined the Cuban government had not provided assistance to terrorist organizations in the preceding six months and the country agreed not to do so moving forward. However, once the State Department's mandatory 45-day review period ended on Friday, Secretary of State John Kerry was permitted to remove the Communist nation from the U.S. terrorism blacklist.

"The 45-day congressional pre-notification period has expired, and the secretary of state has made the final decision to rescind Cuba's designation as a state sponsor of terrorism, effective today, May 29, 2015," the State Department said in a statement.

The move comes six months after President Barack Obama first announced in December that the U.S. and Cuba have begun working to restore their diplomatic ties after a 54-year frozen relationship. However, Cuba demanded that it be removed from the U.S. terrorism list, arguing that the U.S. sanctions on banks that do business with designed terrorist countries impedes it from conducting diplomatic affairs in the States.

Although congressional Republicans have objected to the decision, arguing that Cuba still harbors known terrorists and U.S. fugitives, State Department spokesman Jeff Rathke declared that those issues were not pertinent enough to keep Cuba from being removed from the list.

"While the United States has significant concerns and disagreements with a wide range of Cuba's policies and actions, these fall outside the criteria relevant to the rescission of a State Sponsor of Terrorism designation," Rathke said on Friday in a statement.

Because of Cuba's removal from the list, the country will now have more access to global financial markets and loans from international organizations like the World Bank.

The former Cold War foes are also working towards finalizing an agreement to reopen embassies in each other's capitals. ABC News reported an announcement on the reopenings could be expected next week.