 Putin cancels Africa's debts worth over 20 billion U.S. dollars. Russia's influence in Africa has grown significantly in recent decades. Many African countries have signed bilateral trade agreements with Russia, and cooperation ties in the fields of diplomacy and military have grown. Economic cooperation between Russia and the continent has led to many countries being indebted to Russia. Russia has emerged as a key ally for many African countries, and Putin has made significant strides in strengthening ties between the two regions. Putin reiterated Russia's commitment to prioritizing cooperation with African nations at the Russia-Africa in the Multi-Polar World Conference. The cancellation of African debts is just one of the bold steps Russia has taken over the years to build a more productive and mutually beneficial relationship with the continent. Hello and welcome to our channel. I'm James, and you're watching Africa Reloaded. Continue watching to learn why, despite international sanctions against Russia and the global economic situation, Russia has decided to cancel a $20 billion loan to Africa. Vladimir Putin, the president of Russia, has canceled more than $20 billion in debt due by African nations. Throughout the Soviet era, this debt grew. These debts, which were mostly the product of Moscow's earlier relationships with African nations that supported its communist ideology, were ones that Russia had previously tried to collect. Russia supported a number of nations at this time, including Angola, Algeria, the Democratic Republic of the Congo, Ethiopia, Namibia, Mozambique, Morocco, and South Africa. As a result, many African countries discovered that they were deeply in debt to Russia, with official records placing the entire debt at $20 billion. During the conference, Putin also disclosed that trade between Russia and African countries is booming, with the volume of trade expected to reach a startling $18 billion in 2022 and continue to rise. Additionally, Putin stated his conviction that the development of reciprocal economic exchanges will be facilitated by a more solid switch to national currencies and financial settlements, as well as the construction of new transportation and logistics networks. By taking these steps, Russia and the African countries will probably be able to develop economies that are stronger and more self-sufficient, opening the door to a more prosperous future. The process of creating the African Continental Free Trade Area, which started in 2021, and will become a traditional market with a total GDP of more than $3 trillion, has opened up more chances, he noted. Putin stated during the meeting that Moscow supports bilateral and Eurasian Economic Union-mediated connections with the African Continental Free Trade Area. He added that Africa is positioned to take the lead in the multipolar globe. In his words, we are convinced that Africa will become one of the leaders in the emerging new multipolar world order. The states of Africa are constantly increasing their weight and their role in international affairs. They are asserting themselves more and more confidently in politics and in the economy. We recognize that this is far from the limit, but it is unlikely that such a figure can totally please us, he continued. Putin said that he thought a more vigorous transfer in financial settlements to national currencies and the formation of new transport and logistics chains will help the development of counter commodity exchanges. Putin has persisted in his pursuit of closer connections with Africa, despite being a global outcast with an arrest warrant hanging over his head. His steadfast dedication to the continent stems from his conviction that the continent's economy has enormous untapped potential. He is committed to doing everything it takes to ensure that both Russia and Africa have a bright and prosperous future. What do you think about Russia wiping all the debts owed by Africa? What steps do you anticipate the United States taking to reclaim Africa from Russia? Please share your thoughts in the comment section. Please like, share, and subscribe to our channel if you liked this video. To receive notifications of our new videos, don't forget to switch on the notification icon.