Project ID: 59357

Chinese Government cancels CFA 14.7 billion of the Government of Benin's outstanding obligations

Commitment amount

$ 33808300.39071651

Adjusted commitment amount

$ 33808300.39

Constant 2021 USD

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Benin

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2012-07-19

Actual start

2012-07-18

Actual complete

2012-07-19

Description

During the 5th China-Africa Cooperation Forum held on July 18-19, 2012 in Beijing, the Chinese Government signed an agreement with the Government of Benin to cancel CFA 14.7 billion of the Government of Benin's outstanding debt obligations. The Chinese Government also agreed to finance several other projects in Benin during the 5th China-Africa Cooperation Forum.

Additional details

1. 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 2012, they were likely 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). 2. The currency type is inferred as it was not specifically stated in the article.

Number of official sources

0

Number of total sources

1

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Benin [Government Agency]