Russia cancels Ethiopia’s $162 mln debt

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The Ministry of Foreign Affairs (MoFA) disclosed Thursday that Russia has canceled Ethiopia’s $162 million debt owed to the former Soviet Union.

Russia has forgiven the debt Ethiopia owes with a “Department for Development Package” to help Ethiopia boost the technical capability of the Melkawakena Power plant and equip Balcha Hospital with modern medical equipment.

Sergey Lavrov, Russia’s Foreign Minister has paid a two days official visit to Ethiopia. The visit will help to strengthen the ties between the two nations, Ambassador Meles Alem, Spokesperson of the MoFA said in a presser at the headquarters of the Ministry.

Lavrov expressed Russia’s readiness to support Africa’s bid to hold a permanent seat at the UN Security Council during his discussion with President Sahle-Work Zewde, according to Ambassador Meles.

The debt cancellation will make Ethiopia the fourth African country to get the debt cancellation next to Mozambique, Madagascar and Tanzania.

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