Project ID: 495

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

Commitment amount

$ 6547685.759

Constant 2017 USD

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Eritrea

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

Completion

2001

2001-06-15

Actual

Description

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.

Additional details

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.

Number of official sources

2

Number of unofficial sources

3

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Eritrea [Government Agency]

Implementing agencies [Type]

Eritrea Ministry of Finance [Government Agency]

Gurarantee provided

No

Insurance provided

No