Russia Forgives African Countries’ $20 bn Debt

Russia has written off African countries’ debt amounting to more than $20 billion, according to Russian President Vladimir Putin.

Putin said this on Monday at the plenary session of the international parliamentary conference with the theme, “Russia-Africa in a multipolar world.”

“Russia writes off over $20 billion debt to African states,” he said.

This is not the first time the Russian president is saying this.

In October 2022, Putin, while speaking at a plenary session of the Russia-Africa Economic Forum, said,  “We provide trade preferences, cooperate within the framework of international structures, for example, through the World Food Programme, International Civil Defense Organisation and World Health Organisation.

“Our country participates in the initiative on African countries’ debt relief.

“As of now, the total amount of debt relief exceeds $20 billion,” he said.

Joint programmes that envision the use of borrowed funds for financing national economic growth projects have been launched together with a number of African countries, Putin added.

He said that a busy agenda had been planned within the framework of the forum, and that particular ideas and proposals regarding promising areas of the Russian-African cooperation would be presented to participants.

Thus, heads of Russian companies together with the Economic Development Ministry “have prepared presentations of key Russian competencies that open new possibilities for economic cooperation,” Putin had said.

NAN/Shakirat Sadiq