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Overview

Chinese Government cancels $18.5 million of Government of Ethiopia's outstanding debt obligations

Commitments (Constant USD, 2023)$30,738,944
Commitment Year•2007Country of Activity•EthiopiaDirect Recipient Country of Incorporation•EthiopiaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 25, 2007
Start (planned)
May 25, 2007
Start (actual)
May 25, 2007
End (planned)
May 25, 2007
End (actual)
May 25, 2007

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 Ethiopia

Implementing agencies

Government Agencies

  • Government of Ethiopia

Loan description

Chinese Government cancels $18.5 million of Government of Ethiopia's outstanding debt obligations

Narrative

Full Description

Project narrative

On May 25, 2007, Ethiopia and China signed a debt relief agreement for $18.5 million. China agreed to forgive all of the interest-free loans that Ethiopia that matured by the end of 2005. The agreement was signed by Mekonen Manyazewal, state minister of finance and economic development, and China's Assistant Minister of Commerce Wang Chao. It was stated on the occasion that the money drawn from the debt relief would be used to finance poverty reduction program in Ethiopia.

Staff comments

Project is not marked as umbrella since the dataset would likely not capture loans that have matured by 2005, so there is little risk of double counting.