ALGIERS, March 10 (RIA Novosti) - Russia and Algeria signed an agreement Friday to write off Algeria's entire $4.7 billion debt.
"The Russian side will write off $4.7372465415 billion, which corresponds to Algeria's entire debt owed to Russia on previous loans as of February 1, 2006," the document says.
The second part of the document cancels all of Algeria's commitments on state loans with term lengths of more than a year, which were secured with the former Soviet Union, debts on similar commercial loans, and special repayment accounts that Vneshtorgbank of the USSR opened in the Central Bank of Algeria under the interbank agreements of 1981 and 1985.
"Guarantees relating to the specified categories of debt will also be annulled," the agreement says.
The parties also agreed that there were no other financial claims between them, except those mentioned in the agreement.
