Chinese Government cancels RMB 182.2 million of Government of Sierra Leone's outstanding debt obligations
Commitment amount
$ 43105563.3970252
Adjusted commitment amount
$ 43105563.4
Constant 2021 USD
Summary
Funding agency [Type]
China Ministry of Commerce [Government Agency]
Recipient
Sierra Leone
Sector
Action relating to debt (Code: 600)
Flow type
Debt forgiveness
Infrastructure
No
Category
Project lifecycle
Description
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.
Additional details
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.
Number of official sources
3
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Sierra Leone [Government Agency]
Implementing agencies [Type]
Sierra Leone Ministry of Foreign Affairs and International Cooperation [Government Agency]