President Vladimir Putin announced at the Russia-Africa forum in St. Petersburg that the Russian government has forgiven a substantial debt owed by African nations. The amount forgiven stands at over $20 billion, with the total debt relief reaching $23 billion. Additionally, Putin pledged further financial assistance to support the continent’s development.
During the forum’s plenary session, Putin emphasized the historical trade and financial connections between Moscow and Africa as the basis for this decision. He stated that Russia is committed to strengthening ties with African countries and contributing to their growth and prosperity.
In a bid to aid countries facing economic challenges, Putin also disclosed a plan to provide free grain to selected nations on the continent. The countries set to benefit from this initiative include Burkina Faso, Zimbabwe, Mali, Somalia, the Central African Republic, and Eritrea. Each of them will receive shipments of grain ranging from 25,000 to 50,000 tons, with Moscow covering the delivery expenses.
The Russian leader highlighted the significant growth in mutual trade between Russia and African nations, which, according to him, could present new opportunities for the establishment of the African Continental Free Trade Area (AfCFTA). Launched in 2021, AfCFTA aims to create a continental market with a collective GDP exceeding $3 trillion, positioning Africa as a leader in the multipolar world.
Putin expressed Russia’s willingness to strengthen ties with AfCFTA through both the Eurasian Economic Union and bilateral arrangements. This commitment demonstrates Moscow’s interest in fostering trade and cooperation with African countries to promote mutual prosperity.
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By forgiving a substantial debt and providing assistance, Russia aims to support African nations in their development efforts and promote greater economic cooperation between the two regions. These initiatives can contribute to the growth of African economies and help them overcome challenges while fostering stronger diplomatic relations with Russia.
