Sao Paolo to write off £600m of African debt
Sunday 26 May 2013
Brazil will cancel or restructure almost $900m (£595m) of debt owed by African countries as part of a plan to increase its future funding to the continent.
Latin America’s economic powerhouse is increasingly expanding its economic ties with Africa, a sign of how financial crises in the developed world are pushing faster-growing emerging economies to trade and invest among themselves, economists say.
President Dilma Rousseff is also set to announce a new development agency that will offer assistance to African countries. “Almost all (aid) is cancellation,” Thomas Traumann, spokesman of Brazil’s presidency, said. Mr Traumann added most of Brazil’s future assistance would target infrastructure, agricultural and social programmes.
Among the 12 countries set to benefit are the new gas exploration hotspot Tanzania, which owes Brazil $237m, along with oil-producing Republic of Congo. Most of the debt was accumulated in the 1970s and had been renegotiated previously.
Apple agrees deal with Visa on contactless payments
- 1 Is Apple's iCloud safe after leak of Jennifer Lawrence and other celebrities' nude photos?
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photo leak: 'These are completely fake'
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
London 'terror threat': Metropolitan police deny tube attack hoax
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£55000 - £60000 per annum + Benefits + Bonus: Harrington Starr: Lead C# Develo...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£45000 - £53000 Per Annum plus bonus plus package: The Green Recruitment Compa...