Russia has written off $20 bln worth of African debts — MFA

MOSCOW: Russia has already written off $20 bln worth of African countries’ debts, with those funds being diverted to refinancing program dev...

MOSCOW: Russia has already written off $20 bln worth of African countries’ debts, with those funds being diverted to refinancing program development projects among other things, Russian Deputy Foreign Minister Mikhail Bogdanov, who also serves as special presidential envoy for the Middle East and Africa, told TASS in an interview following the First Ministerial Conference Russia-Africa.

"Around $20 bln have been written off. We currently have a refinancing program to divert debts to development projects," he said, adding that it allows using those debts "to implement socio-economic projects directly in the country."

The first ministerial conference of the Russia-Africa Partnership Forum was held on November 9-10 in the Sirius Federal Territory on Russia’s Black Sea coast. The event was attended by about 1,500 delegates, including over 40 ministers from African countries.

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