Project ID: 2359

Chinese Government cancels $4 million of the Government of Guinea’s outstanding debt obligations

Commitment amount

$ 7197057.531536399

Adjusted commitment amount

$ 7197057.53

Constant 2021 USD

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Guinea

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

2007-07-07

Actual start

2007-07-07

Actual complete

2007-07-07

Description

In 2007, the Chinese Government reportedly canceled $4 million of the Government of Guinea’s outstanding debt obligations.

Additional details

China made a concerted effort in 2007 to forgive the debt from interest-free loans maturing by the end of 2005 to heavily-indebted African countries (http://kp.china-embassy.org/chn//zgxw/zgzxxw/t293317.htm). Since interest-free loans usually have 20 year maturities (http://www.gov.cn/zwgk/2011-04/21/content_1850553.htm), we have assumed the loans included in this debt forgiveness package would have been contracted before 2000. As such, this project is not marked as umbrella, as there is little risk of double counting.

Number of official sources

1

Number of total sources

4

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Guinea [Government Agency]