YANGON, Feb. 10 (Xinhua) -- Myanmar and Germany Monday signed an agreement in Nay Pyi Taw Monday on relief of Myanmar's debt owed to Germany by 50 percent, state radio reported.
The signing was witnessed by Presidents of Myanmar and Germany U Thein Sein and Joachim Gauck.
The remaining Myanmar debt of 542 million euros (about 704.6 million U.S. dollars) out of 1,084 million euros (1,409 million USD) with a three-percent interest is to be repaid within a period of 15 years, the report said.
The formal signing, which is a follow-up of 2013 Paris Club Agreement, came after discussions between the two leaders, in which a range of issues were touched upon.
These issues include the success and challenges of Myanmar's political, economic and administrative reforms, bilateral friendship and promotion of cooperation in terms of trade and investment as well as peace process.
Moreover, the two leaders also discussed the stability of Rakhine state and its development and development of small and medium enterprises.
Gauck arrived on Sunday for his first ever official visit to Myanmar as a German President in 26 years since 1986.
On Monday, following his meeting with Myanmar counterpart U Thein Sein, Gauck also met Parliament and Lower House Speaker U Shwe Mann and opposition leader and Chairperson of the Lower House 's Committee for Rule of Law and Tranquility Daw Aung San Suu Kyi.
Gauck is expected to fly over to Yangon from Nay Pyi Taw Tuesday to inaugurate the first German Goethe Institute.
Besides attending Myanmar-Germany business forum in the former capital, Gauck is also set to give speech at the University of Yangon, sources said.