Chinese Government cancels $4 million of the Government of Guinea’s outstanding debt obligations
Constant 2017 USD
Funding agency [Type]
Unspecified Chinese Government Institution [Government Agency]
Action relating to debt (Code: 600)
In 2007, the Chinese Government reportedly canceled $4 million of the Government of Guinea’s outstanding debt obligations.
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
Number of unofficial sources
Receiving agencies [Type]
Government of Guinea [Government Agency]