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By Ibrahim Danladi

President Vladimir Putin announced at the Russia-Africa forum in St. Petersburg that the Russian government has forgiven over $20 billion in debt historically owed by African nations. In addition to debt forgiveness, Russia will allocate an additional $90 million to support the development of the continent. Furthermore, Russia will provide hard-pressed countries in Africa with free grain, with shipments being sent to countries like Burkina Faso, Zimbabwe, Mali, Somalia, the Central African Republic, and Eritrea, and Moscow covering the delivery costs.

President Putin emphasized the growth of mutual trade between Russia and African countries, expressing support for establishing ties with the African Continental Free Trade Area (AfCFTA) both through the Eurasian Economic Union and on a bilateral level. The AfCFTA, launched in 2021, is expected to create a continental market with a combined GDP of over $3 trillion, positioning Africa as a significant player in the multipolar world.