Project ID: 370

Chinese Government cancels CVE 1.6 billion of Government of Cape Verde’s outstanding debt obligations

Commitment amount

$ 30821945.83

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Cabo Verde

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Concessional

Yes

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 year

2007

Completion

2007

2007-05-17

Actual

Description

In November 2006 during the Beijing Summit for the Forum on China-Africa Cooperation (FOCAC), Chinese President Hu Jintao pledged to cancel any debt from interest-free loans contracted by heavily indebted poor countries (HIPCs) and 33 less developed countries (LDCs) in Africa -- including Cape Verde -- scheduled to begin repayment at the end of 2005 (see: Nov '06 PRC Foreign Ministry). Then, in May 2007, the Chinese Government and the Government of Cape Verde signed a debt exemption protocol, which cancelled all interest-free loans that the Government of Cape Verde had previously contracted. All of these loans matured on or before December 31, 2005. According to the Government of Cape Verde's Court of Auditors, the total amount of debt forgiven was equivalent to CVE 1,591,300,000.

Additional details

Some sources indicate that the amount of debt forgiven was RMB 30 million. However, AidData relies on the (higher) value reported by the Government of Cape Verde's Court of Auditors. This loan is not marked as umbrella as our dataset does not capture any interest-free loans prior to 2005, so there is no risk of double counting.

Number of official sources

8

Number of unofficial sources

9

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Cabo Verde [Government Agency]