Project ID: 32087

Chinese Government cancels $60 million of the Government of Cambodia’s outstanding obligations

Commitment amount

$ 149967294.12021902

Adjusted commitment amount

$ 149967294.12

Constant 2021 USD

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Cambodia

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

2002-11-04

Actual start

2002-11-04

Actual complete

2002-11-04

Description

At the ASEAN summit on November 4, 2002, Chinese Premier Zhu Rongji announced the the Chinese Government would cancel all of the Government of Cambodia’s outstanding debt obligations that had reached maturity. These debts were worth an estimated $60 million. The debts that were forgiven were originally contracted during the 1970s.

Additional details

1. The monetary value of the debts (from the 1970s) that were cancelled is estimated to be somewhere between $60 million and $1 billion. To err on the side of caution, AidData relies on the lower bound estimate ($60 million) within this range. 2. There is no risk of double counting, as the loans that had reached maturity by 2002 were contracted prior to 2000.

Number of official sources

4

Number of total sources

14

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Cambodia [Government Agency]