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Overview

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

Commitments (Constant USD, 2023)$31,207,992
Commitment Year•2012Country 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
Jul 19, 2012
Start (actual)
Jul 18, 2012
End (actual)
Jul 19, 2012

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

Narrative

Full Description

Project narrative

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.

Staff comments

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.