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

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.

Number of official sources

6

Number of total sources

10