Overview

Chinese Government cancels $20 million of the Government of Guyana’s outstanding obligations (Linked to Record ID#56154)

Commitments (Constant USD, 2023)$45,000,698

Commitment Year•2003Country of Activity•GuyanaDirect Recipient Country of Incorporation•GuyanaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2003

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 Guyana

Loan description

Chinese Government cancels $20 million of the Government of Guyana’s outstanding obligations (Linked to Record ID#56154)

Narrative

Full Description

Project narrative

In 2003, the Chinese Government cancelled $20 million of the Government of Guyana’s outstanding debt obligations related to loans that were contracted over a 30-year period. Then, in July 2007, after the Chinese Government provided $15 million of additional debt forgiveness (as captured via Record ID#56154), total debt relief from the Chinese Government to the Government of Guyana summed to approximately $34.9 million.

Staff comments

This debt forgiveness project is not marked as an umbrella project since the original loans were most likely contracted before 2000, so there is little risk of double counting.