Chinese Government cancels $47.1 million of Government of Mali’s outstanding debt obligations

Project narrative

On December 4, 2001, the Chinese Government and the Government of Mali signed a debt exemption protocol agreement [中华人民共和国政府和马里共和国政府关于免除马里政府债务议定书]. Under the terms of this agreement, the Chinese Government agreed to cancel the Government of Mali’s outstanding debt obligations related to 16 interest-free loans. The Government of Mali contracted these loans between 1961 and 1993 and all of the loans matured on or before December 31, 1999. The value of these outstanding debt obligations was RMB 19.81 million (approximately $2.39 million), GBP 29,985,070.47 (approximately $38.8 million) and $6,000,000. Therefore, the aggregate value of these outstanding debt obligations was approximately $47.1 million. The exempted repayment obligations include: (1) an interest-free loan worth GBP 8,166,900 that was contracted on September 22, 1961; (2) an interest-free loan worth GBP 847,892 that was contracted on November 28, 1963; (3) an interest-free loan worth GBP 1,666,715 that was contracted on June 24, 1964; (4) an interest-free loan worth GBP 7,583,550 that was contracted on November 3, 1964; (5) an interest-free loan worth GBP 1,750,050 that was contracted on November 3, 1964; (6) an interest-free loan worth GBP 3,333,428.57 that was contracted on July 13, 1965; (7) an interest-free loan worth GBP 833,357.47 that was contracted on November 15, 1965; (8) an interest-free loan worth GBP 2,083,392.53 for Railway Freight that was contracted on May 3, 1966; (9) an interest-free loan worth GBP 1,250,037.38 that was contracted on June 9, 1966; (10) an interest-free loan worth GBP 700,019 for a cultural construction project that was contracted on November 18, 1966; (11) an interest-free trade loan worth GBP 1,750,050 that was contracted on August 14, 1967; (12) an interest-free loan worth RMB 3,500,000 that was contracted on December 1, 1972; (13) an interest-free loan worth RMB 7,311,000 that was contracted on December 1, 1972; (14) an interest-free loan worth RMB 4,000,000 that was contracted on April 28, 1983; (15) an interest-free loan worth RMB 5,000,000 that was contracted on October 29, 1987; (16) an interest-free loan worth $6 million that was contracted on June 29, 1993.