In a significant move, Russian President Vladimir Putin announced on Friday that the Russian government has written off more than $20 billion in debt historically owed by African nations. This generous decision was unveiled during the Russia-Africa forum in St. Petersburg.

President Putin also pledged additional financial support to aid in the development of the continent. According to RT reports, the total debt forgiven by Russia amounts to $23 billion, with an extra $90 million to be allocated for the same purpose.

Furthermore, to alleviate the pressing needs of certain African countries, President Putin declared that Russia would provide them with free grain. Burkina Faso, Zimbabwe, Mali, Somalia, the Central African Republic, and Eritrea are set to receive shipments of between 25,000 and 50,000 tons of grain, with Moscow covering the delivery costs.

President Putin emphasized the growing mutual trade between Russia and African countries, highlighting its potential to create more opportunities for the establishment of the African Continental Free Trade Area (AfCFTA). Launched in 2021, the AfCFTA aims to become a continental market with a combined GDP of over $3 trillion, positioning Africa as a key player in the multipolar world.

Moreover, Russia expressed its commitment to fostering ties with the AfCFTA, both through the Eurasian Economic Union and on a bilateral level.

Source: Sahara Reporters