Algeria cancels $902 mn of African countries' debts

Ahram Online, Wednesday 29 May 2013

North African gas-rich state Ageria has cancelled some $902 million in debts owed by 14 countries members of the African Union, minister of foreign affairs Amar Blani stated on Wednesday.

Blani added that the debt relief is a part of the celebration of the 50th anniversary of the founding of the continental organisation and solidarity with their neighbors.

On Sunday, Brazil announced restructure almost $900 million in debt owed by African countries as part of a plan to increase future funding to the continent.

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