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Overview

Chinese Government cancels RMB 62.7 million of Government of Guinea-Bissau’s outstanding debt obligations

Commitments (Constant USD, 2023)$17,609,282
Commitment Year•2001Country of Activity•Guinea-BissauDirect Recipient Country of Incorporation•Guinea-BissauSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 29, 2001
Start (actual)
Jun 29, 2001
End (actual)
Jun 29, 2001

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 Guinea-Bissau

Loan desecription

Chinese Government cancels RMB 62.7 million of Government of Guinea-Bissau’s outstanding debt obligations

Narrative

Full Description

Project narrative

On June 29, 2001, the Chinese Government and the Government of Guinea-Bissau signed a debt exemption protocol agreement. Under the terms of this agreement, the Chinese Government agreed to cancel the Government of Guinea-Bissau’s outstanding debt obligations related to 6 interest-free loans. The Government of Guinea-Bissau contracted these loans between 1975 and 1987 and all of the loans matured on or before December 31, 1999. The aggregate value of these outstanding debt obligations was RMB 62,757,069. The exempted repayment obligations include (1) an interest-free loan worth RMB 30 million that was contracted on July 9, 1975; (2) an interest-free commodity loan worth RMB 3 million that was contracted on August 14th, 1982; (3) an interest-free loan worth RMB 160,000 that was contracted on November 7, 1983; (4) an interest-free loan worth RMB 4,600,000 that was contracted on October 18, 1985; (5) an interest-free loan worth RMB 10 million that was contracted on May 19, 1986; and (6) an interest-free loan worth RMB 15 million that was contracted on November 15, 1987.