Chinese Government cancels $30 million of Government of Guinea-Bissau’s outstanding debt obligations
Commitment amount
$ 35424135.25075401
Adjusted commitment amount
$ 35424135.25
Constant 2021 USD
Summary
Funding agency [Type]
Unspecified Chinese Government Institution [Government Agency]
Recipient
Guinea-Bissau
Sector
Action relating to debt (Code: 600)
Flow type
Debt forgiveness
Infrastructure
No
Category
Project lifecycle
Description
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.
Additional details
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).
Number of official sources
0
Number of total sources
5
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Guinea-Bissau [Government Agency]