Completed Development AidData Chinese Aid

Chinese Government cancels $40 million of the Government of Zambia's outstanding debt obligations

¥40M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Zambia
Country	Zambia
Start Date	Jul 24, 2001
End Date	May 25, 2032
Duration	11,263 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`2117`

Grant Description

On July 24, 2001, the Chinese government signed an agreement to cancel the Government of Zambia’s outstanding debt obligations resulting from 12 interest-free loans that it had previously contracted. These interest-free loans all had final maturity dates before December 31, 1999.

In total, the Chinese government forgave approximately $40 million of outstanding debt obligations (RMB 175 million, $9 million USD, and GBP 700,000).

📋 Staff Comments

China’s Ministry of Commerce identifies RMB 330 million as the aggregate value of the debt forgiveness that was provided.
This project is not marked as an umbrella record because the original loan commitments are not captured in AidData's dataset, so there is no risk of double counting.

📚 Sources & References

China Agrees to Cancel Part of Zambia's Debt., http://global.factiva.com/redir/default.aspx?P=sa&an=bbcae00020010726dx7o00008&cat=a&ep=ASE
China Cancels $40m Debt.
China cancels 30m dollars of Zambia's debt.
Chinese Government Removes Part of Zambia's Debt
SAIS-CARI China's Debt Cancellation In Africa Database
Debt Relief with Chinese Characteristics
China Agrees to Cancel Part of Zambia's Debt
China-Africa economic relations: The case of Zambia
China's Foreign Aid
赞比亚 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 Zambia

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