Overview

Chinese Government reschedules a 1991 loan to Cameroon by extending maturity period by 5 years

Commitment Year•2002Country of Activity•CameroonDirect Recipient Country of Incorporation•CameroonSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 31, 2002

Start (actual): Aug 31, 2002

End (actual): Aug 31, 2002

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 Cameroon

Loan description

Chinese Government reschedules a 1991 loan to Cameroon by extending maturity period by 5 years

Interest type•Fixed Interest RateMaturity•15 years

Narrative

Full Description

Project narrative

On August 31, 2002, the Chinese Government and the Government of Cameroon signed five cooperation agreements, one of which was a debt rescheduling agreement. Under this agreement, a loan worth nearly FCFA 4,000 million francs (~$6 million USD) that was contracted in 1991 and due for repayment by September 2001 (an original maturity period of 10 years) was rescheduled. Its maturity was extended by 5 additional years.

Staff comments

No transaction amount is recorded since this project represents a loan rescheduling, not an original flow of resources to recipient country.