"(The creditor countries) recommended that their governments deliver an exceptional treatment providing a total amount of debt cancellation of 45 percent in nominal terms in two phases," the club said in a statement issued on Thursday.
Seychelles Finance Minister Danny Faure, who was in Paris to negotiate the deal, told local media on the archipelago that this amounted to a figure worth close to $70 million.
The Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.
The origin of the Paris Club dates back to 1956 when Argentina agreed to meet its public creditors in Paris. Since then, the Paris Club has reached 407 agreements (breakdown by year) with 85 different debtor countries. Since 1956, the debt treated in the framework of Paris Club agreements amounts to $ 513 billion (breakdown by year).
