Chinese Government cancels $40 million USD of the Government of Zambia's outstanding debt obligations
Constant 2017 USD
Funding agency [Type]
China Ministry of Commerce [Government Agency]
Action relating to debt (Code: 600)
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 USD of outstanding debt obligations (175 million RMB, $9 million USD, and 700,000 GBP).
China’s Ministry of Commerce identifies RMB 330 million as the aggregate value of the debt forgiveness that was provided.This project is not marked as umbrella because the original debt is not captured in our dataset, so there is no risk of double counting.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of Zambia [Government Agency]