Project ID: 334

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

Commitment amount

$ 108125123.99877228

Adjusted commitment amount

$ 108125124.0

Constant 2021 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Congo (Brazzaville)

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

2001-05-25

Actual complete

2001-05-25

Description

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.

Additional details

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 Project 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 Project ID#12814).

Number of official sources

4

Number of total sources

10

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Republic of Congo [Government Agency]