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Overview

Chinese Government cancels $30 million of the Government of Madagascar's outstanding debt obligations

Commitments (Constant USD, 2023)$69,675,652
Commitment Year•2001Country of Activity•MadagascarDirect Recipient Country of Incorporation•MadagascarSector•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 Madagascar

Loan desecription

Chinese Government cancels $30 million of the Government of Madagascar's outstanding debt obligations

Narrative

Full Description

Project narrative

On November 12, 2001, China’s Assistant Minister of Foreign Trade and Economic Cooperation, He Xiaowei, and the Government of Madagascar’s Acting Minister of Foreign Affairs, Maarouf Azali, signed a debt forgiveness agreement on behalf of their respective governments. According to the agreement, the Chinese Government cancelled $30 million of the Government of Madagascar’s outstanding debt obligations. These outstanding obligations reportedly represented 64 percent of the Government of Madagascar’s total outstanding obligations to the Chinese Government.

Staff comments

In 2015, the Chinese Ambassador to Madagascar noted that his government had forgiven RMB 349 million (or approximately $54.6 million) of the Government of Madagascar’s outstanding debt obligations since 2000. This figure is roughly equivalent to the combined value of the debt forgiveness that the Chinese Government granted to the Government of Madagascar on November 12, 2001 (captured in Record ID#19706) and on July 28, 2007 (captured in Record ID#60823). This project is not marked as umbrella because we do not capture any loan projects in Madagascar prior to 2005, so there is no risk of double-counting.