Project ID: 64027

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

Commitment amount

$ 64524346.92848128

Adjusted commitment amount

$ 64524346.93

Constant 2021 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Togo

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2001-06-19

Actual start

2001-06-19

Actual complete

2001-06-19

Description

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.

Additional details

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.

Number of official sources

1

Number of total sources

5

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Togo [Government Agency]