Project ID: 311

Chinese Government cancels FCFA 15.36 billion of the Government of Cameroon's outstanding obligations

Commitment amount

$ 50042637.91

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Cameroon

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Concessional

Yes

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 year

2007

Completion

2007

2007-01-01

Actual

Description

In 2007, Hu Jintao and his team -- including Minister of Commerce Bo Xilai, Foreign Minister Li Zhaoxing and other senior policy makers -- signed eight agreements with the Republic of Cameroon. One of these agreements cancelled the Government of Cameroon's outstanding debts through 2005, which amounted to 15.36 billion FCFA. A publication in the South African Journal of International Affairs and SAIS-CARI record the amount as $32 million.

Additional details

The French name of the debt cancellation agreement is 'Protocole d’Accord portant annulation des dettes du Cameroun visà-vis de la Chine au 31 décembre: 2005 15.360.000.000 FCFA'. 2. The Chinese Government made a concerted effort in 2007 to forgive the debts that resulted 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 from the Chinese Government 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

3

Number of unofficial sources

6

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Cameroon [Government Agency]

Gurarantee provided

No

Insurance provided

No