Will ease debt burden for Africa- Russia
March 28, 2013, 9:32 am

By 2020 the total GDP for African countries will reach $2.6 trillion, according to forecasts [AP]

Speaking at the BRICS Leaders-Africa Dialogue Forum, Russian President Vladimir Putin underlined that Africa’s growth story has been “inspite of both internal and external problems”.

“Russia has written off over $20 billion in debt to Africa; we have written off far more than any other G8 nation,” asserted President Putin.

He announced that Russia has initiated corresponding intergovernmental agreements on debt-for-development plans with Tanzania, Zambia and Mozambique for a total of $263.3 million.

According to forecasts, by 2020, the total GDP for African countries will reach $2.6 trillion, an increase of over 35 per cent.

Putin underlined that BRICS group’s companies are working actively in the African market; there is a growing influx of investments into various sectors in Africa’s economies, from traditional mineral extraction and farming to high technologies and banking.

South Africa believes BRICS will usher in industrialisation and integration in the African continent.

South African minister of trade and industry, Rob Davies had asserted on Monday, “The importance of BRICS can never be overemphasised.”

“Together, BRICS countries are championing the rights and interests of Africa and other nations with emerging economies, speaking out in favour of increasing their role and influence in the global governance system, particularly international financial and economic organisations,” said Putin.

On Tuesday in Durban, Putin and South African President Jacob Zuma signed an agreement to form a market regulatory body modelled on the Organisation of Petroleum Exporting Countries (OPEC), to control the flow of precious metals exports.

Russia and South Africa are the world’s two major platinum producers and together control about 90 per cent of the world’s supply.

Daria Chernyshova for The BRICS Post