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Overview

Chinese Government cancels $1.54 million of Government of Cape Verde’s outstanding debt obligations

Commitments (Constant USD, 2023)$1,679,711
Commitment Year•2016Country of Activity•Cabo VerdeDirect Recipient Country of Incorporation•Cabo VerdeSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2016

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 Cabo Verde

Loan desecription

Chinese Government cancels $1.54 million of Government of Cape Verde’s outstanding debt obligations

Narrative

Full Description

Project narrative

In 2016, during a Macau Meeting between Prime Ministers of China and Cape Verde, Chinese Prime Minister Li Keqiang announced that his government would forgive the Government of Cape Verde’s outstanding debts that were scheduled to mature by the end of 2015. The total amount of debt forgiven was equivalent to $1.54 million dollars. Record ID#52207 captures another financial commitment that the Chinese Government made during the same meeting.

Staff comments

The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs. As such, the loans likely had maturity lengths of 20 years and since they had reached maturity no later than 2015, they were almost certainly contracted prior to 2000. Therefore, AidData has not assigned this record to the umbrella category (as there is little risk of double counting the monetary value of the debts that were forgiven).