Overview

Chinese Government cancels $30 million of Government of Guinea-Bissau’s outstanding debt obligations

Commitments (Constant USD, 2023)$32,721,647

Commitment Year•2016Country of Activity•Guinea-BissauDirect Recipient Country of Incorporation•Guinea-BissauSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 15, 2016

Start (actual): Oct 15, 2016

End (actual): Oct 15, 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

China Ministry of Commerce

Receiving agencies

Government Agencies

Government of Guinea-Bissau

Loan description

Chinese Government cancels $30 million of Government of Guinea-Bissau’s outstanding debt obligations

Narrative

Full Description

Project narrative

In October 2016, the Chinese Government forgave $30 million of the Government of Guinea-Bissau’s outstanding debt obligations. The debts were forgiven on the basis of solidarity and an act of China's efforts to strengthen ties with Portuguese-speaking African nations.

Staff comments

1. This debt cancellation is not included in the dataset of Chinese debt cancellations and restructurings released by SAIS-CARI in 2020. 2. 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 2016, they were likely 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).