South Africa reached a final debt agreement.

European and U.S. banks have agreed to reschedule $14 billion of its foreign debt, South African Finance Minister Barend du Plessis announced. Du Plessis said the agreement negotiated by Swiss mediator Fritz Leutwiler was approved at a meeting in London. “It can now be confirmed that all outstanding issues have been disposed of at this meeting,” he said in a statement. The agreement calls for South Africa to lift its unilateral freeze on repayments of all outstanding foreign debts.