Debt and Development Issues
Nigeria, African countries get debt relief
Sep 5, 2003, 17:49
| | Debts worth N97.5billion ($750 million) owed to China by African countries were cancelled recently. China announced this development on 4 September in Abuja, Nigeria’s capital, during bilateral talks between the Chinese Vice Foreign Minister, Qiao Zounghuai, and Nigeria’s Minister of State for Foreign Affairs, Saidu Samaila Sambawa.
The meeting covered other areas of interest between the two countries, including agriculture, water resources and rural telephony. The Ministers also deliberated on the need for reforms in the United Nations system and discussed the forthcoming China-Africa Forum in Ethiopia.
The visiting Minister also announced a further grant of N325million ($2.5million) to Nigeria.
In another development, the Federal Government signed two amendment agreements worth $15.5million with the United States of America. The grants are for technical assistance in economic growth, agricultural reform and education. America, through its agency – USAID – is running an economic assistance program for Nigeria, which has totalled $320million since 1999.
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