Paris Club forgives almost all of Guinea's public debt

Posted at 10/27/2012 1:07 AM | Updated as of 10/27/2012 1:07 AM

PARIS - The Paris Club of creditor nations said that nearly all the debt held by the Republic of Guinea in west Africa, about $365 million, would be forgiven as part of its enhanced Heavily Indebted Poor Countries Initiative.

In a statement on Thursday, the Paris Club also said it was prepared to "grant additional debt relief on a voluntary and bilateral basis for an amount of $299.6 million."

The Paris Club said it "welcomed the Republic of Guinea’s determination to continue to implement a comprehensive poverty reduction strategy and an ambitious economic program providing the basis for sustainable inclusive and economic growth."

Formed in 1956, the Paris Club is an informal club of industrialised nations.

The members of the Paris Club which took part in restructuring Guinea’s debt included Austria, Belgium, Denmark, France, Germany, Italy, Japan, the Netherlands, Norway, the Russian Federation, Spain, the United Kingdom and the United States of America.