Brazil cancels Sh75 billion in African debt

Brazil said Saturday it plans to cancel Sh75.6 billion ($900 million) (700 million euro) worth of debt in 12 African countries, as part of a broader strategy to boost ties with the continent.

"The idea of having Africa as a special relationship for Brazil is strategic for Brazil's foreign policy," presidential spokesman Thomas Traumann told reporters on the sidelines of African Union celebrations to mark 50 years of the continental bloc, attended by Brazilian President Dilma Rousseff.

Source: http://www.nation.co.ke/News/world/Brazil-cancels--900-million-in-African-debt/-/1068/1863300/-/13o80c9/-/index.html