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Overview

Chinese Government cancels CFAF 3.5 billion of the Government of Senegal’s outstanding debt obligations

Commitments (Constant USD, 2023)$12,134,176
Commitment Year•2007Country of Activity•SenegalDirect Recipient Country of Incorporation•SenegalSector•Action Relating To DebtFlow Type•Grant

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 31, 2007
End (actual)
Dec 31, 2007

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 Senegal

Implementing agencies

Government Agencies

  • Government of Senegal

Loan description

Chinese Government cancels CFAF 3.5 billion of the Government of Senegal’s outstanding debt obligations

Narrative

Full Description

Project narrative

Prior to the Government of Senegal severing its diplomatic ties with the People’s Republic of China (PRC) in 1996, it obtained an interest-free loan from the (PRC). Then, in 2007, after a resumption of diplomatic ties between the two countries, the PRC agreed to cancel the Government of Senegal’s outstanding debt obligations (worth CFAF 3.5 billion) that resulted from this interest-free loan.