France cancels Senegal's EUR 217m debt

29th November 2004, Comments 0 comments

PARIS, Nov 29 (AFP) - France on Monday wiped out all of Senegal's bilateral debt, totalling EUR 217 million (USD 287.9 million), under a deal signed by the two governments, the French finance ministry announced.

PARIS, Nov 29 (AFP) - France on Monday wiped out all of Senegal's bilateral debt, totalling EUR 217 million (USD 287.9 million), under a deal signed by the two governments, the French finance ministry announced.

The French junior minister for foreign trade, François Loos, and Senegalese Finance Minister Abdoulaye Diop signed the agreement "annuling the whole of Senegal's sovereign debt to France," a government statement said.

On June 9, the former French colony in west Africa signed a debt relief agreement with its main creditor nations, also including the United States, Canada and Japan.

The statement from the finance ministry said that under this arrangement, "France committed itself to cancelling EUR 30 million of trade credits owned by the Senegalese state."

The new agreement goes beyond that, cancelling the entire EUR 217 million Senegal owed to French trade credit firm Coface working for the account of the French state.

© AFP

Subject: French News

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