Chinese Government cancels RMB 20 million of Government of Sierra Leone’s outstanding debt obligations
Commitment amount
$ 3553928.0342282085
Adjusted commitment amount
$ 3553928.03
Constant 2021 USD
Summary
Funding agency [Type]
Unspecified Chinese Government Institution [Government Agency]
Recipient
Sierra Leone
Sector
Action relating to debt (Code: 600)
Flow type
Debt forgiveness
Infrastructure
No
Category
Project lifecycle
Description
In December 2016, during his visit to China, Sierra Leone's Minister of Finance and Economic Development, Momodu Kargbom signed a debt exemption agreement with the Chinese Government. China’s Ministry of Commerce reportedly cancelled an outstanding debt obligation worth RMB 20 million, which resulted from an interest-free loan that the Government of Sierra Leone had previously contracted.
Additional details
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 2016, 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).
Number of official sources
1
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Sierra Leone [Government Agency]