China's SAFE provides $75 million in debt forgiveness to the National Bank of Serbia

In 2009, the China's State Administration of Foreign Exchange (SAFE) provided $75 million in debt forgiveness to the National Bank of Serbia (NBS). In 1997, a $100 million loan from Bank of China provided to the NBS was extended for the first time. The loan was initially approved for a period of one year, but the final maturity date continued to be extended on a yearly basis until December 2007. The interest on the borrowing was regularly calculated and semi-annually paid at the annual rate of six month LIBOR plus 1%, and had been regularly paid. Then, in December 2007, Bank of China ceded and relayed all rights, interests, and gains to SAFE. At the moment of the ceding, liabilities of the NBS to Bank of China amounted to $75 million. In 2009, the $75 million liability was settled between NBS and SAFE through debt forgiveness.

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