Dilma Roussef, the President of Brazil, is back in Africa,
to attend the AU Summit. This is her third visit to the Continent this year.
Brazil, which is ranked the seventh economy in the world,
has understood that a stronger footing in Africa is good for its long term
interests. More and more Brazilian corporations are looking for new investment
opportunities in Africa, particularly in minerals and other natural resources.
In many ways, Brazil sees itself competing with fellow BRICS countries –China
and South Africa –, which are also deeply keen to expand their economic ties
with many African states.
During her current visit, Dilma announced that Brazil will
cancel or restructure almost $900m worth of debt with Africa. This is a wise
decision, with a wide political impact, and little financial costs for an
economy as big as the Brazilian. It serves her country’s interests well and
helps the 12 African countries concerned.
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