Russia to write off $US 500 MLN of Africa’s debt

Russia's FM Sergey Lavrov has indicated that Russia is going to write off additional $US 500 MLN of African countries' debts. He stressed that Moscow is assisting Africa on debt relief and has already cleared some $US 11 BLN of debt.

This includes $US 2.2 BLN cleared according to the international ‘Heavily Indebted Poor Countries Initiative’, Lavrov said.

The minister also pointed out that Russia's economic co-operation with African countries is increasing, and is now estimated at $US 3.5 BLN annually.

The issue of debt relief is usually on the G8 summit’s agenda and is set to be discussed at the upcoming summit in Germany.