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Brazil cancels $900 million of African debt

  • Brazil is to write off or restructure nearly $900 million worth of debt with Africa.

    The announcement was made by Brazil's President Dilma Rousseff, who was attending the African Union summit in Ethiopia on Sunday.

    The move comes in a bid to increase trade ties.

    Bilateral trade between Brazil and the African continent has risen fivefold over the last ten years.

    Plans to restructure debt involve lowering interest rates and increasing repayment terms.

    Congo-Brazzaville owes $352 million to Brazil, the highest out of any country, followed by Tanzania with $237 million and Zambia with $113 million.

    Other countries set to benefit from the announcement include Cote D’Ivoire, Gabon, Guinea, Guinea Bissau, Mauritania, the Democratic Republic of Congo, Sao Tome and Principe, Senegal and Sudan.

    Know some quick facts about Brazil through Brazil Fast Facts

    Tagged as: Brazil cancels African debt, Business news, trade between Brazil and Africa