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Overview

Chinese Government cancels RMB 113 million of Government of Kenya's outstanding debt obligations

Commitments (Constant USD, 2023)$31,707,168
Commitment Year•2001Country of Activity•KenyaDirect Recipient Country of Incorporation•KenyaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 16, 2001
Start (actual)
Jul 16, 2001
End (actual)
Jul 16, 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 Kenya

Loan description

Chinese Government cancels RMB 113 million of Government of Kenya's outstanding debt obligations

Narrative

Full Description

Project narrative

On July 16, 2001, the Chinese Government canceled RMB 113 million (about $13.66 million USD) of the Government of Kenya's outstanding debts. This amount was reportedly equivalent to 55 percent of the Government of Kenya's total outstanding debt to the Chinese Government at the time. The agreement is called 关于免除肯尼亚政府部分债务的议定书 in Chinese.

Staff comments

This project is not marked as umbrella because we do not capture any loan projects in Kenya prior to 2001, so there is no risk of double-counting.