Completed Development AidData Chinese Aid

Chinese Government cancels $30 million of the Government of Madagascar's outstanding debt obligations

$30M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Madagascar
Country	Madagascar
Start Date	Nov 12, 2001
End Date	Apr 01, 2032
Duration	11,098 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`19706`

Grant Description

On November 12, 2001, China’s Assistant Minister of Foreign Trade and Economic Cooperation, He Xiaowei, and the Government of Madagascar’s Acting Minister of Foreign Affairs, Maarouf Azali, signed a debt forgiveness agreement on behalf of their respective governments.

According to the agreement, the Chinese Government cancelled $30 million of the Government of Madagascar’s outstanding debt obligations.

These outstanding obligations reportedly represented 64 percent of the Government of Madagascar’s total outstanding obligations to the Chinese Government.

📋 Staff Comments

In 2015, the Chinese Ambassador to Madagascar noted that his government had forgiven RMB 349 million (or approximately $54.6 million) of the Government of Madagascar’s outstanding debt obligations since 2000. This figure is roughly equivalent to the combined value of the debt forgiveness that the Chinese Government granted to the Government of Madagascar on November 12, 2001 (captured in Project ID#19706) and on July 28, 2007 (captured in Project ID#60823).This project is not marked as umbrella because we do not capture any loan projects in Madagascar prior to 2005, so there is no risk of double-counting.

📚 Sources & References

China Signed Derate Debts Agreement With Madagascar
Republic of Madagascar: Enhanced Initiative for Heavily Indebted Poor Countries Completion Point Document
SAIS-CARI China's Debt Cancellation In Africa Database*
Coopération Chine-Afrique : De nouvelles mesures seront prises
中国政府将免除马达加斯加3000万美元的债务
中国政府免除马达加斯加3000万美元债务
中国政府将免除马达加斯加3000万美元的债务
中国与马达加斯加签署减免债务协定
Debt Relief with Chinese Characteristics 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.

All Grantees

Government of Madagascar

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