OREANDA-NEWS. The Russian Federation has written off debts of African countries in the sum exceeding 20 billion US dollars. It was announced on October 23 by Russian President Vladimir Putin at the economic forum which is being held as a part of the Russia – Africa summit in the city of Sochi.

“Our country is participating in an initiative to ease the debt burden of African countries. Nowadays, the total amount of debt remission exceeds 20 billion dollars,” the Russian leader stated. When the president pronounced the sum of debt forgiveness, the audience started to applaud.

Putin also noted that joint programs were launched with some African countries. According to him, these programs involve the use of debt funds to finance national economic growth projects.

In Sochi, on October 23 and 24, the Russia – Africa summit is taking place under the chairmanship of the presidents of Russia and Egypt, Vladimir Putin and Abdel Fattah el-Sisi. The leaders of all 54 states of the continent were invited to it, and more than 40 confirmed their participation. At the same time with the summit, an economic forum is taking place. National leaders, as well as the representatives of business and government agencies participate in it.

On October 21, it was reported that the Russian Export Center and the banks of the country, together with a number of foreign partners, are going to sign an agreement on creating a platform for trade payments between Russia and African states. It is expected that it would concern the volume of about 5 billion US dollars.