Russia swaps Libya debt for deals
By Ocean on Apr 18, 2008 in Uncategorized
Russia has agreed to cancel $4.5bn (£2.3bn) of Libyan debt in exchange for major contracts for Russian firms.
The announcement came during a visit to Tripoli on Thursday by the Russian President, Vladimir Putin.
The two countries signed deals on energy co-operation, military assistance and construction of a 500km (310-mile) railway line in Libya.
Libya was a big importer of Soviet weaponry during the Cold War, when it accumulated large debts.
[SOURCE]
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