Russia Writes Off More than $20 Billion African Debt

Unlike its Western “partners”, which force their client states to perpetual capitulation via onerous debt, Russia released the African population from their debt obligation of more than $20 billion and further promised to double its economic cooperation with the continent in the foreseeable future.

“It was not only an act of generosity, but also a manifestation of pragmatism, because many of the African states were not able to pay interest on these loans,” Putin told TASS on the eve of the Rusia-Africa Summit.

While addressing the Russia-Africa forum in Sochi, he called for trade between Russia and African countries to be doubled in the next four to five years.

The first-ever Russia-Africa Summit brought more than 50 African leaders to Sochi, more than a week ago, a great sign of the ongoing shift of geopolitical influence and economic power from West to East.

Russia is actively offering economic cooperation and transfer of technology to Southeast Asia and Africa without the usual strings attached, and under more acceptable terms.

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