African Development Bank pardons some of guinea Bissau’s debt

31 January 2011

Tunis, Tunisia, 31 Jan – The African Development Bank (ADB) decided to pardon US$60.4 million of Guinea Bissau’s debt as it had met the conditions for support of highly indebted poor countries, the ADB said.

In a statement published in Tunis last Wednesday, the ADB also announced that, exceptionally, Guinea Bissau would also benefit from a debt pardon of a further US$23.7 million.

The statement also said that Guinea Bissau had qualified for the debt reduction undet the terms of the HIPC (Highly Indebted Poor Countries) initiative as the government has managed significant progress in the stabilisation of the economy and application of solid policies that were conducive to political, social, economic and financial progress as well as to reducing poverty.

Guinea Bissau is also eligible for an additional debt reduction of around US$131.4 million under the terms of the Multilateral Debt Relief initiative (MDRI). (macauhub)