Russia writes off $20 billion African debts

The total amount of African countries’ debts written off by Russia amounts to billions of dollars, Russian President Vladimir Putin declared at a plenary meeting of the Russia-Africa Economic Forum being held in Sochi.

The Head of state recalled that Russia systematically promotes the development of the African continent providing trade preferences, and also cooperates within the framework of the international structures, including the World Food Program, the International Civil Defense Organization, and the World Health Organization.

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Our country is taking part in the initiative to ease the debt burden for African countries. The total amount of write-offs exceeds $20 billion to date, Putin said.

Besides, Russia is determined to increase its presence in Africa at the state level, the President added. According to him, many Russian companies successfully work with partners in various sectors of the economy. The politician promised support for further partnership of this kind.

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