Project ID: 19706

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

Commitment amount

$ 65476857.59

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Madagascar

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

2001

Completion

2001

2001-11-12

Actual

Description

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.

Additional details

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 Project ID#19706) and on July 28, 2007 (captured in Project 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.

Number of official sources

1

Number of unofficial sources

8

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Madagascar [Government Agency]

Gurarantee provided

No

Insurance provided

No