Chinese Government cancels 5.5 billion CAF of the Government of CAR’s outstanding debt obligations
Commitment amount
$ 20648224.49381453
Adjusted commitment amount
$ 20648224.49
Constant 2021 USD
Summary
Funding agency [Type]
China Ministry of Commerce [Government Agency]
Recipient
Central African Republic
Sector
Action relating to debt (Code: 600)
Flow type
Debt forgiveness
Infrastructure
No
Category
Project lifecycle
Description
On January 5, 2007, the Chinese Government and the Government of Central African Republic (CAR) signed an agreement, which cancelled 5.5 billion CAF (approximately $11 million) of the Government of CAR’s outstanding debt obligations. President of the Central African Republic (CAR) Francois Bozize and Chinese Foreign Minister Li Zhaoxing both signed the agreement. These debt obligations resulted from two previously contracted loans that had reached their maturity dates by the end of December 2005. This debt cancellation reportedly represents 29% of the nominal value of the Central African Republic’s outstanding debt obligations to China.
Additional details
1. This loan forgiveness project is not marked as umbrella because any loans captured elsewhere in the dataset would be unlikely to have matured by 2005, so there is little risk of double counting.
Number of official sources
5
Number of total sources
13
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of the Central African Republic [Government Agency]