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Overview

Chinese Government cancels $40 million of the Government of Zambia's outstanding debt obligations

Commitments (Constant USD, 2023)$92,900,870
Commitment Year•2001Country of Activity•ZambiaDirect Recipient Country of Incorporation•ZambiaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 24, 2001
Start (actual)
Jul 24, 2001
End (actual)
Jul 24, 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 Zambia

Loan desecription

Chinese Government cancels $40 million of the Government of Zambia's outstanding debt obligations

Narrative

Full Description

Project narrative

On July 24, 2001, the Chinese government signed an agreement to cancel the Government of Zambia’s outstanding debt obligations resulting from 12 interest-free loans that it had previously contracted. These interest-free loans all had final maturity dates before December 31, 1999. In total, the Chinese government forgave approximately $40 million of outstanding debt obligations (RMB 175 million, $9 million USD, and GBP 700,000).

Staff comments

1. China’s Ministry of Commerce identifies RMB 330 million as the aggregate value of the debt forgiveness that was provided. 2. This project is not marked as an umbrella record because the original loan commitments are not captured in AidData's dataset, so there is no risk of double counting.