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Overview

Chinese Government cancels RMB 113 million of Rwanda's outstanding debt obligations

Commitments (Constant USD, 2023)$31,757,675
Commitment Year•2001Country of Activity•RwandaDirect Recipient Country of Incorporation•RwandaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 12, 2001
Start (actual)
Nov 12, 2001
End (actual)
Nov 12, 2001

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 Rwanda

Loan desecription

Chinese Government cancels RMB 113 million of Rwanda's outstanding debt obligations

Narrative

Full Description

Project narrative

On November 12, 2001, Chinese President Jiang Zemin and Rwandan President Paul Kagame signed a debt reduction deal cancelling expired Rwandan loans totaling 113 million yuan. This is based on a plan on debt exemption and reduction set forth during the Sino-African forum for cooperation.

Staff comments

In the same agreement, China cancelled 2.7 million US Dollars worth of expired Rwandan loans. See Record ID#1867. This project is not marked as umbrella because we do not capture any loan projects in Rwanda prior to 2009, so there is no risk of double-counting.