Project ID: 1579

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

Commitment amount

$ 96483518.63

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Sudan

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2007

Completion

2007

2007-02-02

Actual

Description

On 2 February 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 (See: UNITED NATIONS MISSION IN SUDAN UNMIS Media Monitoring Report). The Chinese Government reportedly forgave 470 million RMB and an additional $19 million USD (see Project #85348) of the Government of Sudan’s outstanding obligations.

Additional details

China 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). 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.

Number of official sources

3

Number of unofficial sources

8

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Sudan [Government Agency]

Gurarantee provided

No

Insurance provided

No