Overview

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

Commitments (Constant USD, 2023)$138,515,118

Commitment Year•2002Country of Activity•CambodiaDirect Recipient Country of Incorporation•CambodiaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 4, 2002

Start (actual): Nov 4, 2002

End (actual): Nov 4, 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 Cambodia

Loan desecription

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

Narrative

Full Description

Project narrative

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.

Staff comments

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.