Chinese Government cancels FCFA 15.36 billion of the Government of Cameroon's outstanding obligations

📋 Staff Comments

1. The French name of the debt cancellation agreement is 'Protocole d’Accord portant annulation des dettes du Cameroun visà-vis de la Chine au 31 décembre: 2005 15.360.000.000 FCFA'.
2. The Chinese Government made a concerted effort in 2007 to forgive the debts that resulted 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 from the Chinese Government 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.
3. A publication in the South African Journal of International Affairs and SAIS-CARI record the amount as $32 million.

📚 Sources & References

• http://politics.people.com.cn/GB/1026/5352525.html
• UPDATE 3-China's Hu visits Cameroon, pledges $100 million
• UPDATE 3-China's Hu visits Cameroon, pledges $100 million
• SAIS-CARI China's Debt Cancellation In Africa Database*
• 中华人民共和国和喀麦隆共和国联合公报--时政--人民网, http://global.factiva.com/aa/?ref=LBA0000020070131e31v00148&pp=1&fcpil=en&napc=S&sa_from=
• China–Cameroon relations: Fortunes and limits of an old political complicity
• China's Foreign Aid
• State visit of the President of the Republic of Cameroon H. E. Paul BIYA to China 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.