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Overview

Chinese Government cancels $11.5 million of Government of Samoa’s outstanding debt obligations (Linked to Record ID#64861)

Commitments (Constant USD, 2023)$21,579,935
Commitment Year•2006Country of Activity•SamoaDirect Recipient Country of Incorporation•SamoaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2006
End (actual)
Jun 6, 2006

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 Samoa

Implementing agencies

Government Agencies

  • Government of Samoa

Loan description

Chinese Government cancels $11.5 million of Government of Samoa’s outstanding debt obligations (Linked to Record ID#64861)

Narrative

Full Description

Project narrative

In 2006, China’s Ministry of Commerce (MOFCOM) cancelled the Government of Samoa’s outstanding repayment obligations related to five interest-free loans that it contracted during the 1980s. The aggregate value of the Government of Samoa’s outstanding debt obligations under these five loans was $11.5 million.

Staff comments

One of the interest-free loans that was forgiven was for the construction of the Apia Sports Complex (see Record ID#64861). This loan was contracted during the 1980s. The other debts that were forgiven are unknown. One source (http://www.pireport.org/articles/2011/11/08/china-builds-40-million-government-tower-fiji) suggests that the Chinese Government may have offered $13 million of additional debt forgiveness between 2006 and 2011. This issue requires further investigation. 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.