Russia writes off $20 billion in African debt

Russia has written off approximately $20 billion in debt owed by African countries, with the funds now being allocated to a refinancing program aimed at supporting development projects, Russian Deputy Foreign Minister Mikhail Bogdanov has announced.

"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," Bogdanov, who also serves as special presidential envoy for the Middle East and Africa, stated, News.Az reports, citing TASS.

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.

News.Az