Overview

Chinese Government forgives outstanding debt obligations from an RMB 50 million loan contracted in 1994

Commitments (Constant USD, 2023)$10,922,412

Commitment Year•2007Country of Activity•Kyrgyz RepublicDirect Recipient Country of Incorporation•Kyrgyz RepublicSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 15, 2007

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

Ministry of Finance of the Kyrgyz Republic

Implementing agencies

Government Agencies

Ministry of Finance of the Kyrgyz Republic

Loan description

Chinese Government forgives outstanding debt obligations from an RMB 50 million loan contracted in 1994

Narrative

Full Description

Project narrative

On August 15, 2007, the Chinese Government agreed to convert an RMB 50 million loan that it had signed with the Government of the Kyrgyz Republic on April 23, 1994 into a grant. This write-off of the Government of the Kyrgyz Republic's outstanding debt obligations effectively represented an act of debt forgiveness. This write-off came after the Ministry of Finance of the Kyrgyz Republic repeatedly asked the Chinese Government between 2005 and 2007 to convert the loan into a grant.

Staff comments

This project is not marked as umbrella since the original loan is from 1994, which is outside the timeframe of this dataset, so there is no chance of double counting.