President Vladimir Putin said on Friday that the Russian government had written off more than $20 billion in debt owed by African governments.
According to SurgeZirc NG, President Putin announced the debt forgiveness during a plenary session of the Russia-Africa forum in St. Petersburg, and also stated that Moscow would commit more funding to aid in the development of the continent.
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“The total amount of debt written off by Russia for African countries amounts to $23 billion dollars, with another $90 million to be allocated for the same purposes,” Putin said, referring to historical trade and financial ties between Moscow and Africa.
On Friday, the president stated that Russia would assist impoverished countries on the continent with free grain.
Burkina Faso, Zimbabwe, Mali, Somalia, the Central African Republic, and Eritrea will each receive 25,000 to 50,000 tonnes of grain, with Moscow covering the transportation costs.
In March, Russian President Vladimir Putin emphasised the expansion of mutual trade between Russia and African countries, saying it might open up new chances for the process of establishing the African Continental Free Trade Agreement (AfCFTA).
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Launched in 2021, the AfCFTA is planned to grow into a continental market with a total GDP of more than $3 trillion, positioning Africa as a multipolar world leader.
Putin believes that Russia should establish links with AfCFTA both through the Eurasian Economic Union and bilaterally.
