https://en.sputniknews.africa/20240320/russia-exempts-guinea-bissau-from-payment-of-267-million-in-debt-1065645836.html
Russia Exempts Guinea-Bissau From Payment of $26.7 Million in Debt
Russia Exempts Guinea-Bissau From Payment of $26.7 Million in Debt
Sputnik Africa
In mid-February, Russian Deputy Foreign Minister Mikhail Bogdanov met with Guinea-Bissau Natural Resources Minister Malam Sambu to talk on bilateral relations... 20.03.2024, Sputnik Africa
2024-03-20T11:36+0100
2024-03-20T11:36+0100
2024-03-20T11:36+0100
sub-saharan africa
economy
russia
guinea-bissau
debt
debt restructuring
debt relief
west africa
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Russia has exempted Guinea-Bissau from paying a total of $26.7 million in debt; another $940,000 in debt (excluding interest) will be restructured.Two agreements have been signed in this regard. According to the first one, Russia will write off loans and interest in the amount of $25.1 million, as well as 38% of the debt from the lease of premises for Guinea-Bissau's Embassy in Moscow.According to the second document, Russia will cancel the debt of $960,000, as well as interest accrued since 2010 but not yet paid. Meanwhile, Guinea-Bissau pledges to use this money to finance projects that will improve public access to vital resources, strengthen the national health and education systems, and ensure the supply of socially essential goods.The Bissau-Guinean side will select the companies participating in the projects on the basis of a competition. Russian companies are expected to receive the same favorable conditions as local and other companies.Trade and economic relations between the two countries were discussed by Russian deputy foreign minister Bogdanov and the African nation's natural resources minister Sambu in mid-February.
https://en.sputniknews.africa/20240213/guinea-bissau-energy-minister-sambu-russias-bogdanov-meet-in-moscow-foreign-ministry-reveals-1065055215.html
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economy, russia, guinea-bissau, debt, debt restructuring, debt relief, west africa
economy, russia, guinea-bissau, debt, debt restructuring, debt relief, west africa
Russia Exempts Guinea-Bissau From Payment of $26.7 Million in Debt
In mid-February, Russian Deputy Foreign Minister Mikhail Bogdanov met with Guinea-Bissau Natural Resources Minister Malam Sambu to talk on bilateral relations and trade and economic cooperation.
Russia has exempted Guinea-Bissau from paying a total of $26.7 million in debt; another $940,000 in debt (excluding interest) will be restructured.
Two agreements have been signed in this regard. According to the first one, Russia will write off loans and interest in the amount of $25.1 million, as well as 38% of the debt from the lease of premises for Guinea-Bissau's Embassy in Moscow.
According to the second document, Russia will cancel the debt of $960,000, as well as interest accrued since 2010 but not yet paid. Meanwhile,
Guinea-Bissau pledges to use this money to finance projects that will improve public access to vital resources, strengthen the national health and education systems, and ensure the supply of socially essential goods.
The Bissau-Guinean side will select the companies participating in the projects on the basis of a competition. Russian companies are expected to receive the same favorable conditions as local and other companies.
Trade and economic relations between the two countries were discussed by Russian deputy foreign minister Bogdanov and the African nation's natural resources minister Sambu in mid-February.
