Algeria pardons Sao Tome and Principe debt of US$3 million

30 July 2010

Sao Tome, Sao Tome and Principe, 30 July – Algeria has pardoned a debt of around US$3 million owed to it by Sao Tome and Principe, the Sao Tome president, Fradique de Menezes said this week.

The Sao Tome Head of State made the announcement after a meeting with spokesman for the President of Algeria, Abdelaziz Boutflika, held in Kampala, Uganda, where he took part in the African Union (AU) summit.

In order to make the debt pardon official, Fradique de Menezes said that there would be an official meeting “soon” of the delegations of the finance ministries from both countries.

Amongst Algeria’s investments in Sao Tome are those in the telecommunications sector, which involved building the archipelago’s only re-transmission centre, built 17 years ago in the centre of the Sao Tome capital.

Algeria was the location of the signing of the political agreement that led to Sao Tome’s independence in July, 1975.

Algeria has also invested in the education sector by training Sao Tome citizens in Algerian universities. (macauhub)