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Overview

Chinese Government cancels $43 million of the Republic of Congo's outstanding obligations

Commitments (Constant USD, 2023)$99,868,435
Commitment Year•2001Country of Activity•CongoDirect Recipient Country of Incorporation•CongoSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 25, 2001
End (actual)
May 25, 2001

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 Republic of Congo

Loan description

Chinese Government cancels $43 million of the Republic of Congo's outstanding obligations

Narrative

Full Description

Project narrative

On May 25, 2001, the Chinese Government and the Republic of Congo signed a debt exemption protocol agreement. Under the terms of this agreement, the Chinese Government cancelled approximately $43 million of the Republic of Congo's outstanding obligations.

Staff comments

1. On July 18, 2007, the Chinese Government cancelled 15.6 billion CFA francs ($32 million) of the Republic of Congo’s total outstanding obligations (see Record ID#59550). At the time, China’s Ambassador to the Republic of Congo, Wo Ruidi, announced that since 2001 his government had had forgiven 10 loans previously contracted by the Congolese government worth $75 million. Therefore, AidData assumes that the value of the debts forgiven through the May 25, 2001 debt exemption agreement was roughly equivalent to $43 million (i.e. $75 million minus the $32 million debt forgiven in 2007). 2. This debt forgiveness is not marked as an umbrella record because the loans contracted would have happened prior to 2000, so there is no risk of double counting. 3. On May 24, 2001, the Chinese Government and Republic of Congo signed a related agreement for a CFA 3 billion interest-free loan (as captured via Record ID#12814).