China Eximbank agrees in principle to restructure the Republic of Congo’s outstanding repayment obligations in June 2021

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Republic of Congo
Country	Congo
Start Date	Jun 01, 2021
End Date	Feb 09, 2033
Duration	4,271 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`105822`

Grant Description

In June 2021, Chinese President Xi Jinping reportedly agreed in principle to restructure the Republic of Congo’s loan repayment obligations.

According to Congolese Finance Minister Rigobert Roger Andely, President Denis Sassou Nguesso requested the debt restructuring during a phone call with Chinese President Xi Jinping.

Nguesso reportedly told Xi that, even after an April 2019 debt rescheduling agreement between China Eximbank and the Republic of Congo (captured via Record ID#58340, 89048, 89049, 89051, 89054, 89061, 89062, 89063), the country’s outstanding debt to China Eximbank had again become unsustainable due to the economic shock caused by the Covid-19 pandemic.

📚 Sources & References

China agrees to second debt restructure for Republic of Congo
China agrees to reschedule Congo Republic's $2.4 billion debt - minister Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.