Two major world economies are letting go of the debt owed by smaller nations in order to boost the economics of the future.

Brazil has announced that it will mostly cancel more than A$940 Million worth of debt with 12 African nations.  Some countries will get their debt restructured with better interest rates and more favorable terms.

The logic is pretty simple: Africa has resources and needs business; Brazil’s growing economy is making money and needs resources, especially Oil and Natural Gas from the biggest three nations on the list, Congo, Tanzania, and Zambia.

“Almost all (aid) is cancellation,” says Thomas Traumann, the spokesman for Brazilian President Dilma Rousseff, who attended the African Union summit.

“To maintain a special relationship with Africa is strategic for Brazil's foreign policy.”

Meanwhile, Japan sees potential with its trade deal with Myanmar.  Prime Minister Shinzo Abe pledged more than A$517 Million in new loans and wrote off A$1.8 Billion of Myanmar’s debt to Japan.