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Overview

Chinese Government cancels CFA 18.8 billion francs of Government of Togo’s outstanding debt obligations

Commitments (Constant USD, 2023)$59,597,116
Commitment Year•2001Country of Activity•TogoDirect Recipient Country of Incorporation•TogoSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 19, 2001
Start (actual)
Jun 19, 2001
End (actual)
Jun 19, 2001

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 Togo

Loan desecription

Chinese Government cancels CFA 18.8 billion francs of Government of Togo’s outstanding debt obligations

Narrative

Full Description

Project narrative

On June 19, 2001, the Chinese Government and the Government of Togo signed a debt exemption protocol, which cancelled CFA 18,806,573,800 francs of the Government of Togo’s outstanding debt obligations. These obligations resulted from an interest-free loan that the Government of Togo previously contracted. The debt forgiveness reduced Togo's total debt to China by approximate two-thirds.

Staff comments

This debt forgiveness project is not marked as an umbrella project since the original loan was contracted before 2000, so there is no risk of double counting.