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Overview

Chinese Government cancels RMB 345.8 million of Government of Mali’s outstanding debt obligations (Linked to Record ID#1513)

Commitments (Constant USD, 2023)$75,546,741
Commitment Year•2007Country of Activity•MaliDirect Recipient Country of Incorporation•MaliSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 29, 2007
Start (actual)
Jul 4, 2007
End (actual)
Jul 4, 2007

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 Mali

Implementing agencies

Government Agencies

  • Government of Mali

Loan description

Chinese Government cancels RMB 345.8 million of Government of Mali’s outstanding debt obligations (Linked to Record ID#1513)

Narrative

Full Description

Project narrative

On December 13, 2006, the Chinese Government and the Government of Mali signed an economic and technical cooperation agreement (ETCA), which referenced the cancellation of RMB 345,833,600 of Government of Mali outstanding debt obligations. Then, on March 29, 2007, the Chinese Government and the Government of Mali signed a partial debt exemption protocol agreement. On July 4, 2007, the two governments agreed upon bank account processing rules for the implementation of the debt forgiveness agreement.

Staff comments

1. The Chinese Government made a concerted effort in 2007 to forgive the debt from interest-free loans maturing by the end of 2005 to heavily-indebted African countries (http://kp.china-embassy.org/chn//zgxw/zgzxxw/t293317.htm). Since interest-free loans usually have 20 year maturities (http://www.gov.cn/zwgk/2011-04/21/content_1850553.htm), AidData assumes the loans included in this debt forgiveness package would have been contracted before 2000. As such, this project is not marked as an umbrella record as there is little risk of double counting. 2. As part of this same ETCA, The Government Government provided an RMB 30 million grant to the Government of Mali (as captured via Record ID#1513.