Project ID: 472

Chinese Government cancels $39.9 million of the Government of Equatorial Guinea’s outstanding obligations (linked to #474)

Commitment amount

$ 87084220.59

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Equatorial Guinea

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (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 year

2001

Description

In November 2001, the Chinese Government and the Government of Equatorial Guinea signed a debt exemption protocol. Neither party disclosed the amount of debt that was forgiven. However, the IMF recorded a $39.9 million reduction in the Government of Equatorial Guinea’s outstanding debt obligations to the Chinese Government in 1999 (in a statistical appendix to IMF Country Report No. 03/386). Since debt cancellation agreements with the Chinese Government can be subject to discussion and negotiation over multiple years and the Chinese Government and the Government of Equatorial Guinea signed a debt exemption protocol in 2001, AidData records this amount of debt forgiveness in the year when the debt exemption protocol was signed. During the same meeting, China also agreed to provide Equatorial Guinea with interest-free loans (see #474).

Additional details

The debts that were written off through this agreement were almost certainly contracted before 2000, so AidData has not coded this project as an “umbrella project” (as there is little risk of double-counting loans that were contracted from 2000 onward)

Number of official sources

3

Number of unofficial sources

8

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Equatorial Guinea [Government Agency]

Implementing agencies [Type]

Government of Equatorial Guinea [Government Agency]

Gurarantee provided

No

Insurance provided

No