Narrative
Full Description
Project narrative
On July 10, 2007, the Chinese Government and the Government of Guyana signed letters of exchange. Under the terms of the agreement, the Chinese Government agreed to provide RMB 107,206,063.43 (captured via Record ID#56154) and 610,000 pounds sterling of debt forgiveness (captured via Record ID#92405) to the Government of Guyana. The total USD value of this debt forgiveness action was $15.3 million, which brought the total amount of debt forgiveness provided by the Chinese Government to the Government of Guyana to approximately $34.9 million.
Staff comments
1. 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 2007, 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). 2. The Chinese Government provided $20 million of additional debt forgiveness in 2003 (as captured via Record ID#36669). 3. The July 10, 2007 debt forgiveness agreement can be accessed in its entirety via https://www.dropbox.com/s/s5t4nhd9ewy2elt/