Russia Writes Off $23 Billion In Debt To African Countries, Pledges More Economic Support Courtesy Of Russia-African Summit 2023

What You Need To Know

• Putin who is courting leaders from Africa at a summit on Friday, commended the continent’s growing role in global affairs and offered to expand political and business ties.
• Putin also reaffirmed his pledge that Russia will maintain steady supplies of grain and other agricultural products to the continent after its withdrawal from a deal allowing grain shipments from Ukraine that fueled concerns about the global food crisis.
• Putin used the summit to repeat his accusations against the West for obstructing the export of Russian grain and fertilizers, including proposed no-cost supplies of fertilizers to Africa.

Russian President Vladimir Putin has written off $23 billion in debt to African countries and will provide around $90 million as debt relief during the ongoing Russia-African summit.

“Russia is taking part in debt relief efforts for African countries. At the moment, we have written off a total of $23 billion in debt. On recent requests of African countries, we will allocate over $90 million more for these development purposes,” Putin said at the Russia-Africa summit.

The second Russia-Africa Summit and Economic and Humanitarian Forum is taking place in the Russian city of St. Petersburg from July 27-28.

Putin who is courting leaders from Africa at a summit on Friday, commended the continent’s growing role in global affairs and offered to expand political and business ties.

Addressing the two-day day Russia-Africa summit, Putin emphasized that Moscow will closely analyze a peace proposal for Ukraine that African leaders have sought to pursue.

“This is an acute issue, and we aren’t evading its consideration,” Putin said, emphasizing that Russia is treating the African initiative with respect and “looking at it attentively.”

Putin also reaffirmed his pledge that Russia will maintain steady supplies of grain and other agricultural products to the continent after its withdrawal from a deal allowing grain shipments from Ukraine that fueled concerns about the global food crisis.

“Russia will always be a responsible international supplier of agricultural products and will continue to support the countries and region in need by offering free grain and other supplies,” the Russian leader added.

He declared at the summit’s opening Thursday that Russia intends to ship up to 50,000 tons of grain aid to Burkina Faso, Zimbabwe, Mali, Somalia, Eritrea and Central African Republic in the next three to four months.

U.N. Secretary-General António Guterres responded Thursday that such donations of grain can’t compensate for the impact of Moscow’s cutoff of grain exports from Ukraine, which along with Russia is a major supplier to the world market. Guterres said the U.N. is in contact with Turkey, Ukraine, Russia and other countries to try to reestablish the deal that saw Ukraine export more than 32,000 tons of grain, allowing global food prices to drop significantly.

Both Russia and Ukraine are major grain suppliers. The deal brokered a year ago by the U.N. and Turkey reopened Ukrainian Black Sea ports blocked by fighting and provided assurances that ships entering them wouldn’t be attacked. Russia declined to renew the agreement last week, complaining that its own exports were being held up.

Putin used the summit to repeat his accusations against the West for obstructing the export of Russian grain and fertilizers, including proposed no-cost supplies of fertilizers to Africa.

The Russia-Africa summit marks a renewed Kremlin effort to bolster ties with a continent of 1.3 billion people that is increasingly assertive on the global stage. Africa’s 54 nations make up the largest voting bloc at the United Nations and have been more divided than any other region on General Assembly resolutions criticizing Russia’s actions in Ukraine.

Only 17 heads of state were at the summit, compared to 43 at the first Russia-Africa summit in 2019, a sharp drop in attendance that the Kremlin has attributed to what it described as “outrageous” Western pressure to discourage African countries from showing up.

Putin hailed Africa’s role in the emerging “multipolar world order,” noting that “the era of hegemony of one or several countries is receding into the past, albeit not without resistance on the part of those who got used to their own uniqueness and monopoly in global affairs.”

“Russia and Africa are united by an innate desire to defend true sovereignty and the right to their own distinctive path of development in the political, economic, social, cultural and other spheres,” he said.

He said that Russia plans to expand trade and economic ties with Africa and continue efforts to relieve their debt burden by writing off another $90 million in their debts.

Putin noted that Moscow also stands ready to bolster defense ties with African countries by helping train their military and expanding supplies of military equipment, some of them on a no-cost basis.