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

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 27 December 2007 (see Project #34749) and the remaining RMB 17.38 million ($3 million) was cancelled between late 2007 and early 2009.

Additional details

The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs. As such, the loans likely had maturity lengths 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).

Number of official sources

1

Number of total sources

4