Russia Pays Off Decades-Old 20 Billion Debt to Africa

Russia has officially paid off its debt to Africa. The debt was accumulated during the Soviet era, when Russia lent billions of dollars to African countries to fund infrastructure projects and to secure political influence. Russia had been in negotiations with African countries for years to forgive or restructure the debt, and in 2022, they finally reached an agreement.

The total amount of the debt was around $20 billion, and Russia has been paying it off in installments since the 1990s. The final payment was made in February 2022, marking the end of a decades-long process.

This move is seen as a positive development for Russia’s relationship with Africa, as it demonstrates the country’s willingness to engage with African nations in a mutually beneficial way. It also frees up resources for African countries to invest in their own economies, which could lead to increased economic growth and development.

However, some experts have raised concerns about the motives behind Russia’s debt forgiveness. They argue that it could be part of a larger strategy to gain political influence in Africa, and that Russia may be looking to strengthen its ties with African countries to counterbalance the influence of other global powers such as China and the United States.

Despite these concerns, the debt forgiveness has been largely welcomed by African leaders, who see it as an opportunity to strengthen their own countries’ economies and build more productive relationships with Russia.