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Overview

Chinese Government cancels RMB 50 million of the Government of Angola’s outstanding obligations (Linked to Record ID#73825)

Commitments (Constant USD, 2023)$10,922,412
Commitment Year•2007Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 27, 2007
End (actual)
Dec 27, 2007

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 Angola

Implementing agencies

Government Agencies

  • Government of Angola

Loan desecription

Chinese Government cancels RMB 50 million of the Government of Angola’s outstanding obligations (Linked to Record ID#73825)

Narrative

Full Description

Project narrative

In January 2009, China’s Minister of Commerce Chen Yuan announced that the Chinese Government had cumulatively cancelled RMB 67.38 million ($10 million) of the Government of Angola’s outstanding debt obligations. Of that aggregate amount, RMB 50 million ($7 million) was forgiven on December 27, 2007 (as captured via Record ID#34749) and the remaining RMB 17.38 million ($3 million) was cancelled between late 2007 and early 2009 (as captured via Record ID#73825). The Chinese Ambassador to Angola, Zhang Beisan, and the Angolan Minister of Exterior Relations, Manuel Gomes dos Santos, represented their respective governments at the December 27, 2007 signing ceremony for the agreement.

Staff comments

1. The Chinese Government made a concerted effort in 2007 to forgive the debt from interest-free loans maturing by the end of 2005 to heavily-indebted African countries (http://kp.china-embassy.org/chn//zgxw/zgzxxw/t293317.htm). Since interest-free loans usually have 20 year maturities (http://www.gov.cn/zwgk/2011-04/21/content_1850553.htm), AidData assumes that the loans included in this debt forgiveness package were contracted before 2000. As such, this record is not coded as an umbrella record, as there is little risk of double counting.