Russia To Write Off $500 Million Africa Debt
 30th MAY 2007

Russia has pledged to write off an additional $500 million of African debt, just days before the G8 summit. Germany is expected to push rich nations to deliver on promises to help Africa at the summit. Foreign Minister Sergei Lavrov said in a statement that Russia had already cancelled $11.3 billion of Africa debts and that trade between Russia and Africa was increasing. “We are planning to increase the amount of debt relief this year by $500 million. Mutual trade has reached the level of $3.5 billion," he said, pointing out that Russian business was involved with some large-scale African projects. The Group of Eight industrialised countries meets in Germany from June 6-8. and Chancellor Angela Merkel has said she would push industrialised nations to deliver on African aid pledges.

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