Putin: Russia Wrote Off $20 Billion Debt Owed By African Nations
President Putin also said that the Russian Federation would work with Africa to support the implementation of the African Continental Free Trade Area agreement, in particular by supporting collaboration with the Eurasian Economic Union.
BY SAHARAREPORTERS, NEW YORK OCT 24, 2019

Russian President, Vladimir Putin, has written off $20 billion of accumulated debt owed by African countries during the Soviet era.

Putin said this during the Russia-Africa forum in Sochi.

He added that the funds from those debts were being used to set up special programmes to support Africa’s economic development.

“Russia had recently written off $20 billion of debt owed by African countries,” Putin said, adding, “funds from those debts were being used to set up special programmes to support Africa’s economic development.”

“It was not only an act of generosity but also a manifestation of pragmatism because many of the African states were not able to pay interest on these loans,” he said.

The Russian president also said Africa was attractive to Russian businesses as many of the countries have become centres of economic growth.

President Putin also said that the Russian Federation would work with Africa to support the implementation of the African Continental Free Trade Area agreement, in particular by supporting collaboration with the Eurasian Economic Union.

In his own contribution, Abdel Fattah Al-Sisi, President of Egypt and current Chairman of the African Union, said Africa was embarking on a new phase of economic development that had seen it implementing social and economic reforms and making strong efforts at regional and continental integration.

Consequently, the continent welcomed cooperation with partners and was inviting such partners to increase their investments and financial commitments in the continent, he said.

According to President Al-Sisi, such cooperation must be based on mutual interest and the protection of African property in order to ensure sustainable economic development.

Prof. Benedict Oramah, President of Afreximbank, who was speaking during the opening of the Russia-Africa Economic Forum organised as part of the first-ever Russia-Africa Summit taking place in Sochi, Russian Federation, told the heads of state from about 50 African countries from Africa and Russia and other participants that annual trade between Africa and Russia now stood at about $20 billion as against $10 billion in the past.

“Afreximbank and the Russian Export Centre had committed to act to achieve another doubling of the trade volume in the next two years.

“Afreximbank would offer guarantees and other programmes to address certain risk perceptions and increase trade,” said Oramah.

He welcomed the holding of the Russia-Africa Economic Forum, saying that the event was an opportunity for Africa to find new partners who would support the continent in dealing with some of the challenges confronting it.

http://saharareporters.com/2019/10/24/putin-russia-wrote-20-billion-debt-owed-african-nations

Other news: http://saharareporters.com/2019/10/24/nigeria-buy-12-attack-helicopters-russia

Owed TO or owed BY?

Foolishness....

While back here, it's chronic debt accumulation, biting taxation, unprecedented hardship, oppressive government policies.

Nothing ever goes for nothing.

Nigeria will still budget for, calling it debt serving.

Ok

If these incredible NUKE, ARMS, etc gestures to Africa with opportunity for penetrative influence by Russia do not threaten US and EU and inspire a counter actions in the months ahead, then there is more to all these than meet the eye: a new world order led by China and Russia may be emerging.

Before next ten years they will be owning another 20 billion dollars

festacman:
If these incredible Nuke....
a new world order led by China and Russia may be emerging.

That's been in the pipeline for awhile whilst Trump has dazed the Americans in the midst of EU brouhaha....

But I expect a joker or wildcard soon... Otherwise CIA /FBI has gone bonkers



.

Nobody owes Russia that much. you lot believe anything

.

Putin be feeling like big brother!

African nations like to borrow from foreign nation, then squander it into their private pockets then be looking for who would pardon them. They no d shame!

.

OruExpress:
Nobody owes Russia that much. you lot believe anything

Why? The debt has been accumulating since the Soviet era and majority of the debt are owed by Northern African countries.

The debt owed by Africa across the world is a peanut to the Developed countries, it could all be cleared off at once and there'd be no glitch in the economy of these developed countries, but the debt is widely attached to politics.

I actually believe we owe Russia more than just $20B .

Crofton:



Why? The debt has been accumulating since the Soviet era and majority of the debt are owed by Northern African countries.

The debt owed by Africa across the world is a peanut to the Developed countries, it could all be cleared off at once and there'd be no glitch in the economy of these developed countries, but the debt is widely attached to politics.

I actually believe we owe Russia more than just $20B .

Nobody owes Russia that much money. Russia can barely be called a developed country.

the way africa beg oyibo for money eh. thats why they don't respect us.

Oligarch

omenka:


Owed TO or owed BY?

Owed by.

Sunofgod:


Foolishness....

Who is foolish, Putin or the African nations?