Skip to content
AidData logo

Overview

Chinese Government cancels R40 million of the Government of Lesotho’s outstanding obligations

Commitments (Constant USD, 2023)$10,783,033
Commitment Year•2001Country of Activity•LesothoDirect Recipient Country of Incorporation•LesothoSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2001
Start (actual)
Dec 10, 2001
End (actual)
Dec 10, 2001

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 Lesotho

Loan desecription

Chinese Government cancels R40 million of the Government of Lesotho’s outstanding obligations

Narrative

Full Description

Project narrative

In December 2001, the Chinese Government cancelled R40 million of the Government of Lesotho’s outstanding debt obligations. The obligations resulted from interest-free loans that the Government of Lesotho previously contracted for the Lesotho National Convention Center Construction Project. These loans had reached their maturity dates by the end of 1999. The Lesotho National Convention Center Construction Project commenced in April 1996 and concluded in April 1999. It was officially handed over to the Government of Lesotho on April 9, 1999. It cost $20 million and was reportedly paid for in part with interest-free loans from the Chinese Government and funding from the Government of Lesotho. The Center has two auditoriums, four meeting rooms, a lobby, an exhibition room and a coffee bar.

Staff comments

1. This debt forgiveness record is not coded as an umbrella record since the loan was contracted prior to 2000. As such, there is no risk of double counting.