Brazil to Cancel Millions of Dollars in African Debt

Today, during a summit marking the 50th anniversary of the founding of the African Union (AU), in Addis Ababa, Ethiopia, Brazil announced its plans to cancel the debts of 12 African countries, a total of $900 million. Brazil’s presidential spokesman Thomas Traumann told reporters that the move was part of Brazil’s efforts to boost economic ties with Africa, home to some of the world’s fastest growing economies. Among the 12 countries whose debts were pardoned, Congo-Brazzaville was the highest with a $352 million debt cancelled, with Tanzania’s $237 million debt the second largest. Brazilian President Dilma Rousseff was in Addis…