Overview

Chinese Government cancels RMB 627.6 million of the Government of Cambodia’s outstanding obligations

Commitments (Constant USD, 2023)$103,017,572

Commitment Year•2016Country of Activity•CambodiaDirect Recipient Country of Incorporation•CambodiaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 14, 2016

Start (actual): Oct 14, 2016

End (actual): Oct 14, 2016

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 Cambodia

Loan description

Chinese Government cancels RMB 627.6 million of the Government of Cambodia’s outstanding obligations

Narrative

Full Description

Project narrative

On October 14, 2016, when Chinese President Xi Jinping visited Cambodia, the Chinese Government canceled RMB 627,620,000 of the Government of Cambodia’s total outstanding debt obligations. These obligations were related to previously contracted loans that were slated to reach maturity before the end of 2015.

Staff comments

1. The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs that were signed by the two governments. As such, the loans likely had maturity lengths of 20 years and since they had reached maturity by 2015, 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).