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.
Sales of the tablet are set to fall again, say analysts
World's most lethal spider found under a bunch of bananas
I Am Bread could actually be a challenging and nuanced title
Company decides to go for simply scary after criticising other sites for 'creepy and targeted' advertising
Footage shot by a passerby shows moment an ill man was carried out of his burning home
Peter Biaksangzuala died from his injuries in hospital on Sunday
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
- 3 Star Wars memorabilia called a 'bit of plastic' on Antiques Roadshow by Fiona Bruce valued at £50,000
- 4 Meet Thea, Norway's 12-year-old child bride
- 5 Russell Brand might seem like a sexy revolutionary worth getting behind, but he will only fail his fans
Kobani: Fifteen-year-old boy taken captive with suspected jihadist 'shot in the head by militant group' fighting against Isis
Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
Isis fighters 'crucify' 17-year-old boy in Syria
Oscar Pistorius sentencing: Olympic star must serve 10 years, prosecutor urges
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
£110 - £130 per day + TBA: Randstad Education Reading: Geography Teacher neede...
£50 - £70 per day: Randstad Education Preston: This role has arisen due to inc...
£110 - £130 per day + Competitive rates of pay: Randstad Education Reading: Bu...
£50 - £60 per day: Randstad Education Preston: The RoleDue to demand we are cu...