Zambia to benefit from Brazil debt cancellation

 

Octavio Frias Bridge in Brooklin, Sao Paulo, Brazil

Octavio Frias Bridge in Brooklin, Sao Paulo, Brazil

Zambia will be among the 12 countries in Africa to benefit from a Brazil debt cancellation.

Brazil announced on Saturday that it will cancel or restructure almost $ 900 million dollar worth of debt with Africa. The move is seen as an effort to boots economic ties between the world’s seventh largest economy and the Africa continent.

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 by Brazil’s President Dilama Rouseff who attended the African Union Summit in Ethiopia.

Most of the debt was accumulated in the Zambia is the third highest countries with most debt to Brazil at $ 113.4 million dollars.

Oil and gas rich Congo Brazzaville owes the most to Brazil at $ 352 milion dollarsfollowed by Tanzania with 237 million dollars then Zambia ad all will benefit.

Other countries to benefit are Ivory Coast, Gabon, Guinea, Guinea Bissau, Mauritania, Democratic Republic of Congo, Sao Tome, Senegal and Sudan.