Project ID: 34325

Chinese Government cancels RMB 600 million of the Government of Bangladesh's outstanding obligations

Commitment amount

$ 114149805.5930638

Adjusted commitment amount

$ 114149805.59

Constant 2021 USD

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Bangladesh

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

2011-08-01

Actual start

2011-08-24

Actual complete

2011-08-24

Description

In August 2011, the Chinese Government exempted the Government of Bangladesh from repaying the outstanding debts associated with 9 interest-free loans (collectively worth RMB 600 million or approximately $94.92 million) after they entered their planned repayment periods on December 31, 2010. Five of the nine interest-free loans were previously committed via Economic and Technical Cooperation Agreements (ETCAs) and four of these interest-free loans were previously committed via military aid agreements.

Additional details

1. The loans forgiven through this action were interest-free loans committed through previous ETCAs that were signed by the two governments. As such, the loans likely had maturity lengths of 20 years and since they had reached maturity by 2010, they were almost certainly contracted prior to 2000. Therefore, AidData has not assigned this record to the umbrella category (as there is little to no risk of double counting the monetary value of the debts that were forgiven).

Number of official sources

1

Number of total sources

3

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Bangladesh [Government Agency]

Implementing agencies [Type]

Government of Bangladesh [Government Agency]