Chinese Government cancels $1.54 million of Government of Cape Verde’s outstanding debt obligations
Pledged amount
$ 1818438.9428720395
Adjusted pledged amount
$ 1818438.9428720395
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Unspecified Chinese Government Institution [Government Agency]
Recipient
Cabo Verde
Sector
Action relating to debt (Code: 600)
Flow type
Debt forgiveness
Infrastructure
No
Category
Project lifecycle
Description
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. Project ID#52207 captures another financial commitment that the Chinese Government made during the same meeting.
Additional details
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).
Number of official sources
0
Number of total sources
2
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Cabo Verde [Government Agency]