Chinese government cancels 747,900 USD of debt accrued for now-cancelled Quito Education Center Project (linked to #85568 and #88259)

On February 1, 2005, the governments of Ecuador and China signed Letters of Exchange committing an unknown amount of funding to the Quito Education Center Project (Proyecto de Centro Educativo de Quito) (captured in project #98658). However, in Letters of Exchange signed November 14, 2011 and April 13, 2012, at the request of the Government of Ecuador, the project was cancelled. At that point, the preliminary design and detailed project exploration had already taken place. The costs associated with this, as well as the time spent on these steps, was 1,521,100 USD. Of this cost, 747,900 USD was cancelled through the November 2011/April 2012 Letters (captured in this project). 773,200 USD was still owed, and was drawn from an interest-free credit line provided through an Economic and Technical Cooperation Agreement (ETCA) signed March 21, 1994 (captured in project #88259). The grant associated with what appears to be a feasibility study for the Center is captured in project #85568.

Additional details

Project not coded as umbrella due to no risk of over counting; the specific amount forgiven is provided in sources, and the ETCA that likely otherwise would be charged would have been provided prior to 2000 and thus not in AidData's database. The feasibility study in #85568 for the Quito Center appears to be a different project, because it was specifically financed by separate Letters of Exchange signed in 2004, not by the February 2005 Letters assigned with the steps that were paid for in project (i.e. design creation).

Number of official sources

2

Number of total sources

2