President Dilma Roussef, announced this week that she plans to cancel almost one billion dollars in African debt.
The gesture is more than just magnanimous. It is part of a much larger plan to make inroads and enhance ties with the African continent.
She made the announcement this week on occasion of the African Union's 50th anniversary. A new development agency has also been announced that would oversee both the restructuring/cancellation of the debt and offer assistance to the African countries.
Brazil's foreign policy in many ways mimics that of China's, although on a much lesser scale, and with dissimilar objectives.
Of the 12 countries whose debt would be canceled were Congo, and Tanzania, who make up the bulk of the continental debt itself.
Africa has been considered by many a lost continent. But smart money realizes that there is great potential in Africa which, if properly fostered, could allow Africa to become one of the world fastest growing economies in the world.
What Brazil is trying to do with its forgiving actions, is to establish a foothold through signed agreements of cooperation on various industrial and agricultural fields. This South-South cooperation is not new. Many other countries are vying for the same thing as they try to interact with Africa and its nascent economies.
What Brazil has however, is exclusive and expert technology on tropicalising European crops. That expertise could prove to be the turning point in Africa's progress.
Source : Al Jazeera / 5.26.13
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