Russia writes off African debt worth over $20 BILLION – Putin
“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 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.
Putin also said that Russia intends to increase its presence in Africa at state level.
The first-ever Russia-Africa Summit brought more than 50 African leaders to Sochi.
For more stories on economy & finance visit RT's business section