Chinese Government cancels 610,000 pounds sterling of the Government of Guyana’s outstanding obligations (Linked to Project ID#36669, #56154)

On July 10, 2007, the Chinese Government and the Government of Guyana signed letters of exchange. Under the terms of the agreement, the Chinese Government agreed to provide RMB 107,206,063.43 (captured via Project ID#56154) and 610,000 pounds sterling of debt forgiveness (captured via Project ID#92405) to the Government of Guyana. The total USD value of this debt forgiveness action was $15.3 million, which brought the total amount of debt forgiveness provided by the Chinese Government to the Government of Guyana to approximately $34.9 million.

Additional details

1. 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 2007, they were almost certainly contracted prior to 2000. Therefore, AidData 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). 2. The Chinese Government provided $20 million of additional debt forgiveness in 2003 (as captured via Project ID#36669). 3. The July 10, 2007 debt forgiveness agreement can be accessed in its entirety via https://www.dropbox.com/s/s5t4nhd9ewy2elt/

Number of official sources

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Number of total sources

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