Overview

Chinese Government cancels $9.38 million of the Government of CAR’s outstanding debt obligations

Commitments (Constant USD, 2023)$21,785,254

Commitment Year•2001Country of Activity•Central African RepublicDirect Recipient Country of Incorporation•Central African RepublicSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 26, 2001

Start (actual): Nov 26, 2001

End (actual): Nov 26, 2001

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 the Central African Republic

Loan desecription

Chinese Government cancels $9.38 million of the Government of CAR’s outstanding debt obligations

Narrative

Full Description

Project narrative

On November 26, 2001, the Chinese Government and the Government of Central African Republic (CAR) signed an agreement, which cancelled $9.38 million of the Government of CAR’s outstanding debt obligations. These obligations resulted from two previously contracted loans that had reached their maturity dates by the time of the 2001 debt forgiveness agreement: an RMB 30 million loan and a loan worth 20 million French Francs (contracted prior to France’s transition from the Franc to the Euro).

Staff comments

These canceled debts are not included in the dataset of Chinese debt cancellations and restructurings released by SAIS-CARI in 2020. This project is not marked as umbrella since the loans contracted were before 2000, so there is no risk of double counting.