Chinese Government cancels $43 million of the Republic of Congo's outstanding obligations

📋 Staff Comments

1. On July 18, 2007, the Chinese Government cancelled 15.6 billion CFA francs ($32 million) of the Republic of Congo’s total outstanding obligations (see Project ID#59550). At the time, China’s Ambassador to the Republic of Congo, Wo Ruidi, announced that since 2001 his government had had forgiven 10 loans previously contracted by the Congolese government worth $75 million. Therefore, AidData assumes that the value of the debts forgiven through the May 25, 2001 debt exemption agreement was roughly equivalent to $43 million (i.e. $75 million minus the $32 million debt forgiven in 2007).
2. This debt forgiveness is not marked as an umbrella record because the loans contracted would have happened prior to 2000, so there is no risk of double counting.
3. On May 24, 2001, the Chinese Government and Republic of Congo signed a related agreement for a CFA 3 billion interest-free loan (as captured via Project ID#12814).

📚 Sources & References

• China relieves part of Republic of Congo's debt
• SAIS-CARI China's Debt Cancellation In Africa Database
• La Chine annule la moitié de la dette congolaise à son égard
• Elections législatives : un deuxième tour
• Courtisé par la Chine
• SAIS-CARI+Debt+Relief+Dataset, http://www.gov.cn/zwjw/2006-06/18/content_313579.htm
• Debt Relief with Chinese Characteristics
• Chine-Congo : 40 ans des liens d' amitié et de coopération
• China cancels $75 mln of Congo Republic 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.