MOSCOW, Russia – President Vladimir Putin announced on Thursday, July 27, 2023, that his government has written off $23 billion in debt owed by African nations.
The announcement was made during the plenary session of the second Russia–Africa Summit 2023, which took place from July 27 to July 28.
In addition to the debt forgiveness, President Putin pledged an additional $90 million for development aid.
The Russian leader also strongly supported expanding African representation in key international bodies such as the UN Security Council, underlining the necessity for a more balanced global power structure.
“Russia and Africa strive to develop cooperation in all areas and strengthen ‘honest, open, constructive’ partnership,” Putin said.
He also mentioned Russia’s ongoing efforts to assist in establishing new African embassies and consulates on Russian soil, citing progress in Burkina Faso and Equatorial Guinea.
According to Putin, sovereignty is “not a one-time achieved state,” but must be constantly protected. With this in mind, the Russian President pledged his country’s support to African nations in tackling transnational threats such as terrorism, piracy, and organized crime.
In a gesture towards fostering greater economic ties, Putin assured African leaders that Russian businesses are eager to establish robust partnerships with African counterparts.
He emphasized the potential benefits of transitioning to national currencies and establishing efficient transport and logistics chains, which he argued could significantly boost mutual trade turnover.
He said Russia is ready to provide trade preferences to Africa, aid in creating modern production and agricultural sectors, and offer assistance through relevant international structures and agencies.
“Russia will always be a responsible international supplier of agricultural products,” Putin asserted.
The debt forgiveness and further pledges reflect Russia’s strategic engagement with Africa, seen as a part of Moscow‘s broader geopolitical aspirations.
This interaction stands to reshape the international landscape, and signifies the strengthening bonds between Russia and Africa.
