President Vladimir Putin announced at the Russia-Africa forum in St. Petersburg that the Russian government has forgiven historical debts amounting to over $20 billion owed by African nations. This debt forgiveness demonstrates Russia’s commitment to bolstering ties and supporting the development of the continent.
President Putin further stated that Moscow will allocate additional funds to aid in the development of Africa, with $90 million earmarked for the same purpose. This move reflects the deep-rooted trade and financial links between Russia and African countries.
Additionally, Russia has extended a helping hand to hard-pressed African countries by providing them with free grain. Countries including Burkina Faso, Zimbabwe, Mali, Somali, the Central African Republic, and Eritrea will receive shipments ranging from 25,000 to 50,000 tons of grain, with Moscow covering the delivery costs.
This development comes as the African Continental Free Trade Area (AfCFTA), launched in 2021, gains momentum. The AfCFTA aims to create a continental market with a combined GDP of over $3 trillion, positioning Africa as a key player in the multipolar world.
President Putin highlighted Russia’s support for establishing ties with the AfCFTA, both through the Eurasian Economic Union and on a bilateral level. This stance underlines Russia’s commitment to strengthening economic cooperation and creating opportunities for mutual growth and prosperity.
The debt write-off and financial assistance signal Russia’s willingness to contribute to Africa’s progress and underscores the importance of fostering partnerships for sustainable development in the region.
