Brazil Strengthens African Ties, Cancels $900 Million Debt

Brazil Strengthens African Ties, Cancels $900 Million Debt

From Merco Press

Official data in Brazil show that its trade with Africa has increased fivefold in the past decade. The debt announcement was made during the third visit in three months to Africa by Brazil’s President Dilma Rousseff, who attended the summit in Ethiopia to celebrate the fiftieth anniversary of the African Union.

”Almost all (aid) is cancellation,“ Ms Rousseff’s spokesman, Thomas Traumann, told reporters. ”To maintain a special relationship with Africa is strategic for Brazil’s foreign policy.”

He added that most of the debt was accumulated in the 1970s and had been renegotiated before. Brazil has concentrated aid in agriculture, social programs and financial support for Brazilian corporations involved in Africa.

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