Brazil to Write Off $900m of African Debt`

AFRICA, HISTORY, BRICS, JUSTICE, COOPS-COOPERATION-SHARING, TRADE, ECONOMICS, DEVELOPMENT, 27 May 2013

Al Jazeera – TRANSCEND Media Service

Brasilia pardons debts for 12 African countries after creating agency to support development in continent.

Brazil has said it plans to cancel or restructure $900m worth of debt in 12 African countries, as part of a broader strategy to boost ties with the continent.

Brazilian officials said on Saturday [25 May 2013] that President Dilma Rousseff, visiting Ethiopian capital Addis Ababa to mark the African Union’s 50th anniversary, was set to announce a new development agency alongside the cancellation that will offer assistance to African countries.

“The idea of having Africa as a special relationship for Brazil is strategic for Brazil’s foreign policy,” Thomas Traumann, presidential spokesman, told reporters in Addis Ababa.

“Almost all (aid) is cancellation,” Traumann said.

Among the 12 countries whose debts were pardoned, Congo-Brazzaville was the highest with a $352m debt cancelled, with Tanzania’s $237m debt the second largest.

Traumann said the move was part of Brazil’s efforts to boost economic ties with Africa, home to some of the world’s fastest growing economies.

He added that Brazil recently established an agency to support investments in industry and development in Africa and Latin America.

Signing agreements

Rousseff has met with several African leaders, including Ethiopian Prime Minister Hailemariam Desalegn, with whom she signed a series of cooperation agreements on agriculture, education, air transport and science.

Brazil’s interest in Africa is part of a larger trend boosting so-called South-South cooperation, which has attracted investment from emergent economies in developing countries, namely in Africa.

Brazil, one of five members of the BRICS emerging nations group and with a GDP of $2.425tn in 2012, is the world’s seventh largest economy.

The BRICs countries – comprising Brazil, China, India and Russia – are now Africa’s largest trading partners and its biggest new group of investors. BRICS-Africa trade is seen eclipsing $500bn by 2015, according to Standard Bank.

Traumann said most of Brazil’s future assistance would target infrastructure, agricultural and social programmes.

“Brazil has great expertise in what we call tropicalising European crops. We have that technology,” he said. “The idea is how to transfer that technology from Brazil to other African countries.”

Go to Original – aljazeera.com

 

Share this article:


DISCLAIMER: The statements, views and opinions expressed in pieces republished here are solely those of the authors and do not necessarily represent those of TMS. In accordance with title 17 U.S.C. section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. TMS has no affiliation whatsoever with the originator of this article nor is TMS endorsed or sponsored by the originator. “GO TO ORIGINAL” links are provided as a convenience to our readers and allow for verification of authenticity. However, as originating pages are often updated by their originating host sites, the versions posted may not match the versions our readers view when clicking the “GO TO ORIGINAL” links. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.


Comments are closed.

Read more

Click here to go to the current weekly digest or pick another article:

AFRICA:

HISTORY:

BRICS:

JUSTICE:

COOPS-COOPERATION-SHARING:

TRADE:

ECONOMICS:

DEVELOPMENT: