Brazil cancels African debt

$900m (£600m) worth of debt that Africa had with will be cancelled or restricted as the country's trading with Africa has increased fivefold in the past 10 years.

This was announced by Brazil's President Dilma Rousseff, who was attended the African Union summit in Ethiopia. This is Rousseff's third visit to the continent in the past three months. The restructuring of the financial debt is part of ongoing efforts by the world's seventh largest economy giant to enhance the African economy.

Oil and gas rich Congo-Brazzaville is the biggest debtor, owing Brazil $352 million. Tanzania and Zambia follow with debts running to $237 million and $113.4million respectively.

Ivory Coast, Gabon, Guinea, Guinea Bissau, Mauritania, Democratic Republic of Congo, Sao Tome and Principe, Senegal, and Sudan are the other nice countries, which will benefit from the cancelled or restructured financial package concerning debt that accumulated since the 1970s.