Brazil cancels 900 million dollars of African countries debt

Monday, May 27th 2013 - 02:41 UTC

Full article 4 comments

Brazil has announced that it will cancel or restructure almost 900m dollars worth of debt with Africa. Oil- and gas-rich Congo-Brazzaville, Tanzania and Zambia are among the 12 African countries to benefit. The move is seen as an effort to boost economic ties between the world's seventh largest economy and the African continent. Read full article

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Chicureo
Debts they would have never recovered. Future business that will never materialize.

Bribes to allow Vale to operate it hoist harassment.
May 27th, 2013 - 04:05 am - Link - Report abuse 0
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Fido Dido
Those debts would never be paid off anyway, so cancel them (duh, they were created out of nothing anyway) and close better deals that favors Brazilian corporations and trade routes (long term) in the fastest growing economies in continent Africa. From there you go slowly furter “east”...continent Asia. The Race for Africa is only accelerating.
May 27th, 2013 - 06:32 am - Link - Report abuse 0
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Captain Poppy
“Last month, hundreds of protesters in Mozambique blocked the entrance to a Brazilian coal mine in a row over a compensation deal agreed after they were displaced.
Human Rights Watch, a rights group, said farming communities had been resettled on arid lands and had suffered food shortages. The Brazilian giant Vale, which owns the mine and the government of Mozambique, said improvements were being made.”

Seems like the race is on for who will be the great exploiters to economically colonize Africa......China or Brazil. It was nice of Brazil to resettle farm communities........on baren land!.......Nice touch brazil.
May 27th, 2013 - 06:36 pm - Link - Report abuse 0
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toxictaxitrader2
Wonder if Brazil will cancel Argentina,s debts?
Nope,I guess Argentina will do that themselves,how many defaults since its founding?
Will they ever elect a competent and honest government?
May 29th, 2013 - 09:20 pm - Link - Report abuse 0
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