Overview

Chinese Government cancels RMB 80 million of Government of Benin's outstanding debt obligations

Commitments (Constant USD, 2023)$14,064,343

Commitment Year•2011Country of Activity•BeninDirect Recipient Country of Incorporation•BeninSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 20, 2011

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

Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

Government of Benin

Loan description

Chinese Government cancels RMB 80 million of Government of Benin's outstanding debt obligations

Narrative

Full Description

Project narrative

On September 20, 2011, President Thomas Boni Yayi of Benin announced that the Chinese Government agreed to cancel an RMB 80 million outstanding debt obligation of the Government of Benin.

Staff comments

The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs. As such, the loans likely had maturity lengths of 20 years and since they had reached maturity no later than 2011, they were almost certainly contracted prior to 2000. Therefore, AidData has not assigned this record to the umbrella category (as there is little risk of double counting the monetary value of the debts that were forgiven).