Chinese Government cancels $4 million of the Government of Guinea’s outstanding debt obligations

📋 Staff Comments

China made a concerted effort in 2007 to forgive the debt from interest-free loans maturing by the end of 2005 to heavily-indebted African countries (http://kp.china-embassy.org/chn//zgxw/zgzxxw/t293317.htm). Since interest-free loans usually have 20-year maturities (http://www.gov.cn/zwgk/2011-04/21/content_1850553.htm), we have assumed the loans included in this debt forgiveness package would have been contracted before 2000. As such, this project is not marked as umbrella, as there is little risk of double counting.

📚 Sources & References

• http://power.in-en.com/news/intl/2007/07/INEN_108521.html
• SAIS-CARI China's Debt Cancellation In Africa Database, http://global.factiva.com/aa/?ref=LBA0000020070707e377000dj&pp=1&fcpil=en&napc=S&sa_from=
• China to fund $1 bln hydro dam in Guinea -source 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.