Overview

Chinese Government cancels $6 million of the Government of DRC’s outstanding debt obligations (Linked to Record ID#58867)

Commitments (Constant USD, 2023)$13,851,512

Commitment Year•2002Country of Activity•Democratic Republic of the CongoDirect Recipient Country of Incorporation•Democratic Republic of the CongoSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2002

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 Democratic Republic of Congo

Loan desecription

Chinese Government cancels $6 million of the Government of DRC’s outstanding debt obligations (Linked to Record ID#58867)

Narrative

Full Description

Project narrative

In 2002, the Chinese Government and the Government of the Democratic Republic of Congo signed a debt exemption protocol, which cancelled RMB 148,320,000 of the Government of the Democratic Republic of Congo’s outstanding debt obligations. It also cancelled $6 million of the Government of the Democratic Republic of Congo’s outstanding debt obligations. Record ID#58870 captures the $6 million debt cancellation and Record ID#58867 captures the RMB-denominated debt cancellation.

Staff comments

This debt forgiveness is not marked as umbrella since the loans would have been contracted prior to 2000, so there is little risk of double counting.