Project ID: 2117

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

Commitment amount

$ 87302476.78

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Zambia

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

2001-07-24

Actual

Description

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).

Additional details

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

2

Number of unofficial sources

9

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Zambia [Government Agency]

Gurarantee provided

No

Insurance provided

No