Brazil Restructures Debt With African Countries

Brazil has announced that they will essentially “write off” about $90 million in debt from African nations. This is for helping the countries alleviate their huge levels of debt while helping create stronger economic ties between Brazil and their indebted partner nations.

“To maintain a special relationship with Africa is strategic for Brazil’s foreign policy.”

He added that most of the debt was accumulated in the 1970s and had been renegotiated before.

A spokesman for Brazil’s Foreign Ministry told Efe news agency that the debt restructuring for some countries would consist of more favourable interest rates and longer repayment terms.

Congo-Brazzaville owes the most to Brazil – $352m – followed by Tanzania ($237m) and Zambia ($113.4m).

The other countries to benefit are Ivory Coast, Gabon, Guinea, Guinea Bissau, Mauritania, Democratic Republic of Congo, Sao Tome and Principe, Senegal, and Sudan.

Read more at BBC.

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