LOME, Oct. 31 (Xinhua) -- France has cancelled all commercial debts that Togo owes her which are estimated to be 70 million euros and this translates to 47 billion Fcfa with 42.4 billion FCFA of rescheduled payment, according to an agreement signed on Friday in the Togolese capital, the national television reported.

    The documents of this accord were signed by the ambassador of France to Togo Dominique Renaux and the Togolese minister of Economy and Finance Adji Ayassor.

    According to the French diplomat, this agreement is in line with bilateral support for Togo after the cancelation of 100 percent of her commercial debts which is in conformity with the initiative of very indebted countries (PPTE) and goes beyond the 90 percent which was recommended by the proposals of the Paris Club.

    The Togolese government will allocate the money which her creditors have renounced to priority projects which were identified in the strategic document for poverty reduction in the country, Ayassor explained.