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Overview

Chinese Government cancels RMB 470 million of the Government of Sudan’s outstanding repayment obligations (Linked to Record ID#85348)

Commitments (Constant USD, 2023)$102,670,673
Commitment Year•2007Country of Activity•SudanDirect Recipient Country of Incorporation•SudanSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 2, 2007
End (actual)
Feb 2, 2007

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

  • China Ministry of Commerce

Receiving agencies

Government Agencies

  • Government of Sudan

Loan desecription

Chinese Government cancels RMB 470 million of the Government of Sudan’s outstanding repayment obligations (Linked to Record ID#85348)

Narrative

Full Description

Project narrative

On February 2, 2007, at the Friendship Hall in Khartoum, Sudan, Sudan's President Umar al-Bashir and China's President Hu Jintao signed a debt exemption protocol, which cancelled two sets of interest-free loans: one denominated in RMB and the other denominated in USD. The Chinese Government reportedly forgave RMB 470 million (captured via Record ID#1579) and an additional $19 million (captured via Record ID#85348) of the Government of Sudan’s outstanding loan repayment obligations.

Staff comments

1. The PRC made a concerted effort in 2007 to forgive the debt from interest-free loans maturing by the end of 2005 to heavily-indebted African countries (http://kp.china-embassy.org/chn//zgxw/zgzxxw/t293317.htm). 2. Since interest-free loans usually have 20 year maturities (http://www.gov.cn/zwgk/2011-04/21/content_1850553.htm), we have assumed the loans included in this debt forgiveness package would have been contracted before 2000. As such, this project is not marked as umbrella, as there is little risk of double counting.