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

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. On May 24, 2001, the Chinese Government and Republic of Congo signed a related agreement for a CFA 3 billion interest-free loan, for this agreement see project ID#12814.

Additional details

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). This debt forgiveness is not marked as umbrella because the loans contracted would have happened prior to 2000, so there is no risk of double counting.

Number of official sources

4

Number of unofficial sources

6