Brazil to forgive part of Cape Verde’s debt

8 March 2010

Brasilia, Brazil, 8 Mar – Brazil plans to forgive part of Cape Verde’s debt and will at the same time promote a restructuring of bilateral contracts at that level, the Agencia Senado legislative reporter indicated on Friday in Brasilia.

The decision was approved by the Senate’s Economic Affairs Committee after a request from Brazilian President Luiz Inacio Lula da Silva, and involves a total debt of US$3.895 million.

The decision considers forgiving US$1.198 million, referring to late payment interest due up to 31 December 2008.

The contract to restructure Cape Verde’s debt to Brazil will be approved at the Committee’s next meeting scheduled for Tuesday, the Senado article stated.