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.
- 1 Jeremy Clarkson 'sees no problem' with his racist language on Top Gear, says BBC
- 2 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 4 London restaurant 34 creates champagne glass modelled on Kate Moss’ left breast
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
Russell Brand opposes anti-Semitism after death threats: 'We must disavow all forms of prejudice that lead to exclusion and execution'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Microbial life found living on the exterior of the International Space Station, say reports
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Bin bag full of cats' heads discovered near Manchester's Curry Mile
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
£550 - £650 per day: Orgtel: Business Analyst - Traded Credit Risk - Investmen...
£32000 - £35000 Per Annum: Clearwater People Solutions Ltd: Our client based o...
£55000 per annum: Harrington Starr: A financial software vendor at the forefro...
£600 per day: Harrington Starr: .NET Developer C#, WPF,BLL, MSMQ, SQL, GIT, SQ...