The March 18 decision follows the accession of the Republic of Congo to the Heavily Indebted Poor Countries (HIPC), initiative last January 27.
The release announcing the cancellation states that it was within the framework of the Enhanced HIPC Initiative, to help to restore debt the sustainability of Congo.
According to this agreement, the creditors of the Paris Club and Brazil intend to grant an additional debt relief of 100% on a bilateral basis for $ 1.4 billion and to put in place an ambitious programme to promote sustainable economic growth in the country.
According to the terms of the agreement the Congolese authorities undertake to assign to a special fund all additional resources and revenue gained from this debt relief to finance the priorities identified within the framework of the HIPC strategy, including health, education and infrastructure.
Congo’s external debt the Paris Club stood at was 5.6 billion dollars.