Project ID: 961

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

Commitment amount

$ 33286391.083355848

Adjusted commitment amount

$ 33286391.08

Constant 2021 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Ethiopia

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2007-05-25

Planned start

2007-05-25

Actual start

2007-05-25

Planned complete

2007-05-25

Actual complete

2007-05-25

Description

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.

Additional details

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.

Number of official sources

3

Number of total sources

9

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Ethiopia [Government Agency]

Implementing agencies [Type]

Government of Ethiopia [Government Agency]