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Overview

Chinese Government cancels RMB 17.38 million of the Government of Angola’s outstanding obligations (Linked to Record ID#34749)

Commitments (Constant USD, 2023)$3,529,468
Commitment Year•2009Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2009

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 Angola

Implementing agencies

Government Agencies

  • Government of Angola

Loan description

Chinese Government cancels RMB 17.38 million of the Government of Angola’s outstanding obligations (Linked to Record ID#34749)

Narrative

Full Description

Project narrative

In January 2009, China’s Minister of Commerce Chen Yuan announced that the Chinese Government had cumulatively cancelled RMB 67.38 million ($10 million) of the Government of Angola’s outstanding debt obligations. Of that aggregate amount, RMB 50 million ($7 million) was forgiven on December 27, 2007 (as captured via Record ID#34749) and the remaining RMB 17.38 million ($3 million) was cancelled between late 2007 and early 2009 (as captured via Record ID#73825).

Staff comments

1. The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs. As such, the loans likely had maturities of 20 years and since they had reached maturity no later than 2009, they were almost certainly contracted prior to 2000. Therefore, AidData has not 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).