Overview

Chinese Government cancels RMB 182.2 million of Government of Sierra Leone's outstanding debt obligations

Commitments (Constant USD, 2023)$39,806,643

Commitment Year•2007Country of Activity•Sierra LeoneDirect Recipient Country of Incorporation•Sierra LeoneSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 6, 2007

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 Sierra Leone

Implementing agencies

Government Agencies

Sierra Leone Ministry of Foreign Affairs and International Cooperation

Loan desecription

Chinese Government cancels RMB 182.2 million of Government of Sierra Leone's outstanding debt obligations

Narrative

Full Description

Project narrative

According to the Bank of Sierra Leone’s Annual Report and Statement of Accounts for year ended 31 December 2007, the Chinese Government and the Government of Sierra Leone signed a debt exemption agreement on November 6, 2007. Chinese Deputy Minister of Foreign Affairs, Zhai Jun, and Sierra Leone's Minister of Foreign Affairs and International Cooperation, Zainab Bangura signed the agreement. The monetary value of the outstanding debt obligations that were cancelled was RMB 182,224,600 and they resulted from five interest-free loans that the Government of Sierra Leone previously contracted and that reached maturity on or before December 31, 2005.

Staff comments

This debt forgiveness project is not marked as an umbrella project since the original loans were likely contracted before 2000. The dataset does not capture any interest-free loans prior to 2005, so there is no risk of double counting.