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Overview

Chinese Government agrees to partially exempt the Government of Togo’s outstanding debt obligations

Commitment Year•2016Country 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
May 30, 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 Togo

Loan description

Chinese Government agrees to partially exempt the Government of Togo’s outstanding debt obligations

Narrative

Full Description

Project narrative

On May 30, 2016, during President of Togo Faure Gnassingbé's state visit to China, the Chinese Government agreed to cancel a portion of Government of Togo’s outstanding debt obligations. The debt cancelled matured on or before December 31, 2015.

Staff comments

1) The monetary value of the debts that were forgiven is not identified by any of the underlying sources. This issue merits further investigation. 2) 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 2015, 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).