Overview

Chinese Government cancels $3 million of the Government of Eritrea’s outstanding obligations

Commitments (Constant USD, 2023)$6,967,565

Commitment Year•2001Country of Activity•EritreaDirect Recipient Country of Incorporation•EritreaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2001

Start (actual): Jun 15, 2001

End (actual): Jun 15, 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

Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

Government of Eritrea

Implementing agencies

Government Agencies

Eritrea Ministry of Finance

Loan desecription

Chinese Government cancels $3 million of the Government of Eritrea’s outstanding obligations

Narrative

Full Description

Project narrative

On June 15, 2001, it was reported that Eritrea’s Economic Advisor Woldai Futur and China's Vice Minister for Foreign Trade and Economic Cooperation Zhou Keren signed a $3 million debt cancellation agreement. This agreement relieved the Government of Eritrea's of its obligation to repay a loan that it secured in 1994 for agricultural machinery.

Staff comments

This project is not marked as umbrella since the loans being forgiven were contracted prior to 2000, so there is no risk of double counting.