Chinese Government cancels RMB 50 million of the Government of Eritrea’s outstanding obligations
Commitment amount
$ 11827591.718413759
Adjusted commitment amount
$ 11827591.72
Constant 2021 USD
Summary
Funding agency [Type]
China Ministry of Commerce [Government Agency]
Recipient
Eritrea
Sector
Action relating to debt (Code: 600)
Flow type
Debt forgiveness
Infrastructure
No
Category
Project lifecycle
Description
In January 2007, the Chinese Government reportedly cancelled RMB 50 million of the Government of Eritrea’s outstanding debt obligations.
Additional details
China made a concerted effort in 2007 to forgive the debt from interest-free loans maturing by the end of 2005 to heavily-indebted African countries (http://kp.china-embassy.org/chn//zgxw/zgzxxw/t293317.htm). Since interest-free loans usually have 20 year maturities (http://www.gov.cn/zwgk/2011-04/21/content_1850553.htm), we have assumed the loans included in this debt forgiveness package would have been contracted before 2000. As such, this project is not marked as umbrella, as there is little risk of double counting.
Number of official sources
0
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Eritrea [Government Agency]
Implementing agencies [Type]
Government of Eritrea [Government Agency]