Egypt Writes Off Military Debts Owed By African States

Egypt has informed African states with military debts to the Egyptian government that it has decided to write them off with the aim of alleviating the debt burden hanging over them.
A spokesman of the Egyptian Foreign ministry, Ambassador Hossam Zaki, said in a statement on Sunday that the foreign ministry has accordingly informed African governments with military debts to Egypt.

The move came in the wake of an initiative by President Hosni Mubarak during the last African Union summit in Sharm El-Sheikh, to cancel all military debts owed by African states to Egypt with the aim of reducing the financial burden on the economies of African countries.

Zaki stressed that the Egyptian commitment to the African countries will continue on a permanent basis, and through many bilateral and multilateral channels.

Source African Press Agency

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