UPDATED: 11:18, March 31, 2007Poland forgives nearly 31 million dollars of debt owed by Nicaragua
Nicaragua and Poland signed an agreement on Friday to write off 30.6 million U.S. dollars of the 1980s debt that was borrowed by the first government of incumbent President Daniel Ortega.
The accord, reached within the framework of the Highly Indebted Poor Countries Initiative, was inked by Nicaragua's Central Bank President Antenor Rosales, Finance Minister Alberto Guevara, and Polish Ambassador Andrezj Braiter.
Nicaraguan Foreign Minister Samuel Santos, who was present at the signing ceremony, stressed the need and importance of the support his nation is receiving in the Central American integration project.
The forgiven debt includes 20 million dollars of Central Bank debt and 10 million incurred by the Finance Ministry.
The debt was originally part of two credit lines signed by Poland in 1984 and 1987 to sell crop spraying aircraft, water pumps, galvanized zinc laminate, tires, steel, construction joints, motors and spare parts.