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Overview

Chinese Government cancels RMB 123.74 million of the Government of Burkina Faso’s outstanding debt obligations

Commitments (Constant USD, 2023)$18,827,014
Commitment Year•2018Country of Activity•Burkina FasoDirect Recipient Country of Incorporation•Burkina FasoSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 26, 2018

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 Burkina Faso

Loan description

Chinese Government cancels RMB 123.74 million of the Government of Burkina Faso’s outstanding debt obligations

Narrative

Full Description

Project narrative

Following the resumption of diplomatic relations between the People’s Republic of China (PRC) and Burkina Faso on May 26, 2018, the PRC Government agreed to cancel RMB 123,740,000 of the Government of Burkina Faso’s outstanding debt obligations. These debt obligations were likely contracted by the Government of Burkina Faso during the 20th century (between 1959 and 1999) when it maintained diplomatic relations with the PRC Government.

Staff comments

1. This record is not marked as an umbrella record because AidData does not capture any official sector loans from China to Burkina Faso from 2000 to 2017, so there is no risk of double-counting. 2. The precise date on which the debt forgiveness agreement was signed is not known. This issue warrants further investigation. For the time being, AidData assumes that the agreement was signed on May 26, 2019 (when the two countries resumed diplomatic relations). 3. The monetary value of the debts forgiven by the Chinese Government were identified by an anonymous source in Burkina Faso's Ministry of Foreign Affairs (see https://www.dropbox.com/s/jaut7u703hfik9q/Requ%C3%AAte%20concernant%20%C2%AB%20LE%20CHANGEMENT%20DE%20POLITIQUE%20ETRANGERE%20DANS%20LES%20RELATIONS%20INTERNATIONALES%20-%20CAS%20DES%20RELATIONS%20SINO-BURKINABE%20%C2%BB.pdf?dl=0).