The Russian government has written off over $20 billion of debt historically owed by African nations, President Vladimir Putin said on Friday.

President Putin who announced the debts forgiveness at a plenary session of the Russia-Africa forum in St. Petersburg, also said that Moscow would allocate more funds to help with the development of the continent, according to RT report.

“The total amount of debt of the African countries written off by Russia amounts to $23 billion dollars with another $90 million to be allocated for the same purposes,” Putin stated, with reference to historical trade and finance links between Moscow and Africa.

On Thursday, the president said Russia would provide hard-pressed countries on the continent with free grain. Burkina Faso, Zimbabwe, Mali, Somali, the Central African Republic, and Eritrea will each receive between 25,000 and 50,000 tons of grain, while Moscow will cover the delivery costs of the shipments.

In March, the Russian leader highlighted the growth of mutual trade between Russia and African countries, saying it could open up additional opportunities for the process of establishing the African Continental Free Trade Area (AfCFTA).

Launched in 2021, the AfCFTA is expected to become a continental market with a total GDP of more than $3 trillion, making Africa one of the leaders of the multipolar world.

According to Putin, Russia is in favor of establishing ties with AfCFTA both through the Eurasian Economic Union and on a bilateral level.

Teosy:
That's a bad Signal for bad Leaders

ManirBK:
president Putin means Business to africa God punished America and the Western countries group

ManirBK:
president Putin means Business to africa God punished America and the Western countries group

REDshouse:
Africa is a refugee camp for Putin to be donating grains up and down as if we can't farm and grow grains ourselves. .he is coming to recolonize Africa in preparation for world war 3 and 4. Africa will be center or useful in the propagation of the anticipated war..

They will rather prefer to destroy Africa than destroy their continent ..it's a game only the wise can see

ManirBK:
president Putin means Business to africa God punished America and the Western countries group

9jatriot:
Russia has also decided to be playing the propaganda game of the west. China was the first to catch up by having economic summits with Africa.

I do not hate the west but I think Europe played into the hands of the US.

Ukraine will be the biggest losers in all of these because of one comedian president.

ManirBK:
president Putin means Business to africa God punished America and the Western countries group