Overview

Chinese Government cancels £9.6 millions of Afghanistan’s outstanding debt obligations (Linked to Record ID#34505)

Commitments (Constant USD, 2023)$37,002,565

Commitment Year•2004Country of Activity•AfghanistanDirect Recipient Country of Incorporation•AfghanistanSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 27, 2004

Start (actual): Mar 1, 2004

End (actual): Mar 1, 2004

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 Afghanistan

Implementing agencies

Government Agencies

Government of Afghanistan

Loan desecription

Chinese Government cancels £9.6 millions of Afghanistan’s outstanding debt obligations (Linked to Record ID#34505)

Narrative

Full Description

Project narrative

In March 2004, the Chinese Government agreed to cancel 9.6 million British pounds (or approximately $18.8 million) of the Government of Afghanistan's outstanding debt obligations. These debt obligations were originally contracted by the Afghan government in 1965. This act of debt forgiveness likely covered the bulk of the Government of Afghanistan’s outstanding debt obligations to China from 2002 to 2010, which were worth $19.5 million.

Staff comments

This project may be linked to Record ID#34505, which captures a 2002 commitment by the Chinese Government to write off all of Afghanistan's outstanding debt obligations. This project is not marked as umbrella as we do not capture any loans previous to this debt forgiveness project in the dataset (there were no loans to Afghanistan between 2000 and the date of this debt forgiveness) so there is no chance of double counting.