Chinese Government cancels RMB 182.2 million of Government of Sierra Leone's outstanding debt obligations

Funder	China (People's Republic of)
Recipient Organization	Sierra Leone
Country	Sierra Leone
Start Date	Jan 25, 2007
End Date	Jan 09, 2032
Duration	9,115 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`2250`

Grant Description

According to the Bank of Sierra Leone’s Annual Report and Statement of Accounts for year ended 31 December 2007, the Chinese Government and the Government of Sierra Leone signed a debt exemption agreement on November 6, 2007.

Chinese Deputy Minister of Foreign Affairs, Zhai Jun, and Sierra Leone's Minister of Foreign Affairs and International Cooperation, Zainab Bangura signed the agreement.

The monetary value of the outstanding debt obligations that were cancelled was RMB 182,224,600 and they resulted from five interest-free loans that the Government of Sierra Leone previously contracted and that reached maturity on or before December 31, 2005. 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.