Project ID: 34749

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

Commitment amount

$ 11827591.718413759

Adjusted commitment amount

$ 11827591.72

Constant 2021 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Angola

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

2007-12-27

Actual complete

2007-12-27

Description

On 27 December 2007, the Chinese Government and the Government of Angola signed a debt exemption protocol cancelling RMB 50 million (approximately $7 million) of outstanding debt for the Government of Angola owed to the Chinese Government. The Chinese Ambassador to Angola, Zhang Beisan, and the Angolan Minister of Exterior Relations, Manuel Gomes dos Santos, represented their respective governments at the signing ceremony for the agreement. In January 2009, China’s Minister of Commerce Chen Yuan announced that the Chinese Government had cumulatively cancelled RMB 67.38 million of the Government of Angola’s outstanding debt obligations, so the remaining debt forgiveness equal to RMB 17.38 million is captured in linked Project #73825.

Additional details

China 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), we have assumed the loans included in this debt forgiveness package would have been contracted before 2000. As such, this project is not marked as umbrella, as there is little risk of double counting.

Number of official sources

3

Number of total sources

6

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Angola [Government Agency]

Implementing agencies [Type]

Government of Angola [Government Agency]