The Paris Club of creditor nations says it has agreed to almost completely wipe out the debt Ivory Coast owes its members - a reduction of nearly $6.497 billion - including through bilateral accords.

A statement on Friday said the debt reduction amounts to 99.5 percent of the debt Ivory Coast owes to the Paris Club, a group of major industrialized countries including the United States.

The statement said creditors decided to cancel $1.77 billion in debt while another $4.72 billion is being canceled in separate bilateral deals among nations in the group.

The loan forgiveness follows Ivory Coast's ambitious economic program and poverty reduction strategy. Funds freed up by the debt reduction are to be used in critical areas like education and health.