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

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.

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