Overview

Chinese Government cancels RMB 54,320,000 of the Government of Djibouti’s outstanding debt obligations

Commitments (Constant USD, 2023)$11,866,108

Commitment Year•2007Country of Activity•DjiboutiDirect Recipient Country of Incorporation•DjiboutiSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 10, 2007

Start (actual): Sep 10, 2007

End (actual): Sep 10, 2007

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 Djibouti

Loan description

Chinese Government cancels RMB 54,320,000 of the Government of Djibouti’s outstanding debt obligations

Narrative

Full Description

Project narrative

On 10 September, 2007, the Chinese Ambassador and a representative from the Djibouti Ministry of Foreign Affairs signed a debt cancellation agreement with the Government of Djibouti. More specifically, China agreed to forgive RMB 54,320,000 of outstanding debt obligations related to two interest-free loans that entered their repayment periods in December 2005.

Staff comments

The amount of debt that was forgiven through the 10 September 2007 agreement is omitted from the SAIS-CARI China's Debt Cancellation in Africa Database released in June 2020. The forgiven loans were likely contracted prior to 2000 for them to have matured by December 2005, so this project is not marked as umbrella as the risk of double counting is low.