Completed Development AidData Chinese Aid

Chinese Government cancels $60 million of the Government of Cambodia’s outstanding obligations

$60M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Cambodia
Country	Cambodia
Start Date	Nov 04, 2002
End Date	Nov 18, 2033
Duration	11,337 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`32087`

Grant Description

At the ASEAN summit on November 4, 2002, Chinese Premier Zhu Rongji announced the the Chinese Government would cancel all of the Government of Cambodia’s outstanding debt obligations that had reached maturity. These debts were worth an estimated $60 million. The debts that were forgiven were originally contracted during the 1970s.

📋 Staff Comments

The monetary value of the debts (from the 1970s) that were cancelled is estimated to be somewhere between $60 million and $1 billion. To err on the side of caution, AidData relies on the lower bound estimate ($60 million) within this range.
There is no risk of double counting, as the loans that had reached maturity by 2002 were contracted prior to 2000.

📚 Sources & References

LEAD: China's Zhu holds talks with Hun Sen.
China writes off Cambodia's debt
Cambodia in 2002: Decentralization and Its Effects on Party Politics
中国免除柬埔寨对华债务
朱镕基总理与柬埔寨首相洪森举行会谈
洪森：中国政府减免柬到期对华债务体现真友谊
朱镕基总理与柬埔寨首相洪森举行会谈
卢光盛：从公共外交视角看中国对大湄公河次区域国家的援助
Vice Foreign Minister Wang Yi on the Achievements of Premier Zhu Rongji's Visit
China Cancels All Foreign Debt Owed by Cambodia - 2002-11-03
China Forgives $4 Million in Khmer Rouge-era Debt
Excerpt from 'China and Southeast Asia in the Xi Jinping Era'
Premier Zhu Rongji Held Talks with Cambodian Prime Minister Hun Sen
US allows Cambodia to reschedule $317 mln debt 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.