Overview

China grants $1 million USD for the Federated States of Micronesia Trust Fund in 2007

Commitments (Constant USD, 2023)$1,661,565

Commitment Year•2007Country of Activity•MicronesiaDirect Recipient Country of Incorporation•MicronesiaSector•Banking And Financial ServicesFlow Type•Grant

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 20, 2007

Start (actual): Dec 20, 2007

End (actual): Mar 11, 2008

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

Trust Fund of the Federal States of Micronesia

Loan description

China grants $1 million USD for the Federated States of Micronesia Trust Fund in 2007

Narrative

Full Description

Project narrative

On December 20, 2007 during the Micronesian president's official visit to Beijing, the Chinese Vice Minister of Commerce signed an exchange of letters granting $1 million USD to Micronesia for their national trust fund. The financing transferred and accredited to the FSM National Government savings account with the Bank of FSM on March 11, 2008. During the same visit in December 2007, an additional economic and technical cooperation agreement was signed between the two countries (ETCA #40012). This $1 million USD donation is different from a basically identical donation in 2010.