Germany writes off debt

Germany has reportedly agreed to write off half of Angola’s US $230 million debt and pump the other half back into the country as investments. The deal was reached during a 24-hour visit to Angola by Germany’s foreign minister Joschka Fischer, the Associated Press reported un-named sources as saying. Germany inherited the debt from the former East Germany after reunification a decade ago.

Before leaving on Wednesday, Fischer said the two countries had made progress on the debt issue, but declined to give any details. Some 20 business executives among Fischer’s 80-strong delegation representing various sectors stayed behind after the German minister left to pursue contacts with Angolan counterparts. On Tuesday, Fischer met with Angola’s President Jose Eduardo dos Santos, Foreign Minister Joao Miranda and senior officials of the Roman Catholic church.