France Cancels Over 54m Euro From Guinea Debt

France has canceled part of Guinea’s debt to the tune of 54.8 million euros, a release said on Monday. The two countries signed the accord on 19 May as part of the Paris Club Accord that canceled 180 million dollars and rescheduled 120 million from Guinea’s debt early this year.

France also rescheduled 8.8 million euros out of the Public Development Aid debt and agreed to push past 2010 the redemption of a 59.2 million-euro French Development Agency debt.

The latter includes 38 million euros of arrears as of 31 December 2007 and 21.2 million euros that were initially due for 2008, 2009 and 2010.

France further pledged a significant reduction of Guinea’s debt stock when it reaches the completion point of the consolidated Heavily Indebted Poor Countries Initiative (HIPC).

Source African Press Agency

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