Overview

Chinese Government cancels RMB 82,850,000 of the Government of the Gambia’s outstanding debt obligations

Commitments (Constant USD, 2023)$13,046,773

Commitment Year•2017Country of Activity•GambiaDirect Recipient Country of Incorporation•GambiaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 2, 2017

Start (actual): Jan 1, 2017

End (actual): Jan 1, 2017

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 Gambia

Loan description

Chinese Government cancels RMB 82,850,000 of the Government of the Gambia’s outstanding debt obligations

Narrative

Full Description

Project narrative

In August 2017, the Chinese Government and the Government of The Gambia signed a debt exemption protocol. Under the terms of this agreement, the Chinese Government agreed to cancel some of the Government of the Gambia’s outstanding debt obligations (worth RMB 82,850,000). These obligations resulted from four interest free-loans that the Government of The Gambia contracted between 1975 and 1991. All of these loans reach maturity by December 31, 2015.

Staff comments

This project is not marked as umbrella since the loans being forgiven were contracted prior to 2000, so there is no risk of double counting.