Chinese Government cancels RMB 249,730,000 of the Government of DRC’s outstanding debt obligations

In 2007, the Chinese Government and the Government of the Democratic Republic of Congo signed a debt exemption protocol, which cancelled RMB 249,730,000 of the Government of the Democratic Republic of Congo’s outstanding debt obligations.

Additional details

China 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), we have assumed the loans included in this debt forgiveness package would have been contracted before 2000. As such, this project is not marked as umbrella, as there is little risk of double counting.

Number of official sources

2

Number of total sources

5