Russian President Vladimir Putin announced at the first Russia-Africa Summit jointly hosted by Russia and the African Union (AU) in Sochi, Russia, that the country has written off more than $20 billion of Africa’s debt. He also intends to double his trade with countries in Africa within the next four to five years.
Russia hopes to strengthen its ties with Africa at the summit after it weakened after the fall of the former Soviet Union at the end of the Cold War. Dozens of African leaders, including South Africa’s president, Cyril Ramaphosa, and pres. Abdel Fattah el-Sisi of Egypt, attends the summit.
Putin said there are many Russian companies that have a long and successful partnership with companies in Africa and are hoping to expand it. Although Russia has sold a large number of weapons to countries in Africa over the years, it is far behind its competitors in the commercial area on trade. The European Union, China, India, the US and the United Arab Emirates a
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