Brazil to pardon 95 pct of Guinea Bissau’s debt

24 May 2011

Luanda, Angola, 24 May – Brazil plans to pardon 95 percent of Guinea Bissau’s bilateral debt, the Guinean Finance Minister, José Mário Vaz told Angolan news agency Angop in Luanda.

On the sidelines of the 2nd meeting of Finance Ministers of the Community of Portuguese-speaking Countries (CPLP) held on 20 May in Luanda (Angola), the Guinean minister also said that Brazil had confirmed the partial pardon and added that formal procedures were now underway.

Vaz ´declined to disclose the amount owed but said he was happy with the Brazilian government’s decision.

Guinea Bissau has also benefitted from a debt pardon from Angola worth an estimated US$39 million.

The government of Guinea Bissau requested funding from Angola for several projects, including drainage and signage at the port of Bissau, modernisation of its radio and television stations and repairs to roads in the capital, Bissau.

The Guinea Bissau economy is 98 percent dependent on cashew nut exports. (macauhub)