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.”
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“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.