(Bloomberg) -- Russia expressed on Friday its willingness to cancel all the debt of Guinea Bissau, according to the West African nation’s finance ministry.

“Significant part of debt estimated at more than $26 million had already been canceled through the Paris Club in May 2011,” the Bissau-based ministry said in statement posted on its Facebook page. Another $1.5 million tied to the lease on Guinea Bissau’s embassy in Moscow is classified as commercial debt.

“We are open to forgiving all of Guinea-Bissau’s debt,” according to the statement citing Russian ambassador Alexander Egorov.

The ministry’s chief communications officer, Bacar Camara, confirmed the authenticity of the statement when contacted by Bloomberg.

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