Brazil pardons millions of dollars of debt owed by 12 African countries

27 May 2013

The Brazilian government made the decision to pardon or restructure US$897.7 million in debt owed by 12 African countries, including Guinea Bissau and Sao Tome and Principe, the spokesman for the Brazilain Presidency, Thomas Traumann said in Addis Ababa, Ethiopia Saturday.

The countries that have benefitted most from the debt pardon or restructuring are the Republic of Congo, which owes US$352 million and Tanzania, with US$237 million, the spokesman added.

Guinea Bissau and Sao Tome and Principe are also amongst the beneficiaries, as well as the Ivory Coast, Gabon, Guinea Conakry and the Democratic Republic of Congo.

The announcement was made on the sidelines of ceremonies to commemorate the 50th anniversary of the European Union, and the spokesman said that the decision was intended to boost economic relations between Brazil and Africa, which in 2012 totalled US$25 billion.

Brazil is currently the fourth country in the world with the most embassies in Africa (39 embassies covering 54 countries) after the United States, Russia and China. (macauhub)