- Russia has written off US $4.5 billion debt owed to Libya in exchange for contracts for Russian companies worth several billions of dollars.
The debt cancellation - announced in the Libyan capital Tripoli on Thursday - forms part of an intergovernmental agreement on bilateral economic and financial relations signed by the Russian President Vladimir Putin and Libyan leader Muammar al-Qaddafi.
The outgoing Russian leader said both countries are "satisfied with the way we have resolved this problem." He was convinced that the new scheme "will benefit the economies of Russia and Libya" as well as their people.
President Putin said Russian companies have reached more than ten agreements with Libyan, including a contract for rail monopoly Russian Railways woth over US $2 billion.
Also Russia's natural gas giant Gazprom and Libya's National Oil Corporation signed a deal to set up a joint venture to engage in upstream and downstream oil and gas operations.
Mr Putin's two-day visit in Tripoli also led to the signing of a military cooperation between Libya and Russia. And as such, the two countries signed a US $2.5 billion arms deal.
The Russian leader left for Italy to meet the country's President-elect Silvio Berlusconi.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
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