Project ID: 39195

Chinese Government restructures $3.17 billion of Cuba's debt (Linked to Project ID#54691)

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Cuba

Sector

Action relating to debt (Code: 600)

Flow type

Debt rescheduling

Level of public liability

Central government debt

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

Vague (Official Finance) (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

2011-01-01

Planned start

2011-06-05

Actual complete

2017-09-01

Description

In 2016, the Chinese Government reportedly forgave 42.7% ($2.83 billion USD) of the Cuban's Government's outstanding debt obligations (worth $6 billion). The Chinese Government reportedly rescheduled the remaining 52.8% of the the Cuban Government's outstanding debt obligations (worth $3.17 billion USD), captured by this record. The exact terms of this restructuring are unknown. However, one source suggests that 5 years of additional grace was provided as well as an interest rate reduction. This project is linked to Project ID#54691: the debt forgiveness of $2.83 billion USD.

Additional details

No transaction amount coded to avoid double counting.

Number of official sources

2

Number of total sources

13

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Cuba [Government Agency]

Loan Details