Overview

Chinese Government cancels $34 million of the Government of Cameroon's outstanding obligations

Commitments (Constant USD, 2023)$78,965,739

Commitment Year•2001Country of Activity•CameroonDirect Recipient Country of Incorporation•CameroonSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 1, 2001

Start (planned): Oct 31, 2001

Start (actual): Oct 31, 2001

End (actual): Oct 31, 2001

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 Cameroon

Loan description

Chinese Government cancels $34 million of the Government of Cameroon's outstanding obligations

Narrative

Full Description

Project narrative

In November 2001, the People's Republic of China signed a partial debt cancellation agreement with the Government of Cameroon. Several sources identify $34 million as the total value of the debt forgiveness; however, the World Bank and the IMF identify the cancellation amount as $20.4 million in net present value (NPV) terms.

Staff comments

The transaction amount is coded as $34 million for the time being due to the number of sources that identify it as the transaction amount. This project is not marked as umbrella because we do not capture any loan projects in Cameroon prior to 2007, so there is no risk of double-counting.