Project ID: 2117

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

Commitment amount

$ 100581510.69653235

Adjusted commitment amount

$ 100581510.7

Constant 2021 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Zambia

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Infrastructure

No

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

2001-07-24

Actual start

2001-07-24

Actual complete

2001-07-24

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 of outstanding debt obligations (RMB 175 million, $9 million USD, and GBP 700,000).

Additional details

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.

Number of official sources

2

Number of total sources

11

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Zambia [Government Agency]