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Chinese Government cancels RMB 50 million of the Government of Angola’s outstanding obligations (Linked to Record ID#73825)
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Government of Angola |
| Country | Angola |
| Start Date | Dec 27, 2007 |
| End Date | Feb 02, 2032 |
| Duration | 8,803 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 34749 |
Grant Description
In January 2009, China’s Minister of Commerce Chen Yuan announced that the Chinese Government had cumulatively cancelled RMB 67.38 million ($10 million) of the Government of Angola’s outstanding debt obligations.
Of that aggregate amount, RMB 50 million ($7 million) was forgiven on December 27, 2007 (as captured via Record ID#34749) and the remaining RMB 17.38 million ($3 million) was cancelled between late 2007 and early 2009 (as captured via Record ID#73825).
The Chinese Ambassador to Angola, Zhang Beisan, and the Angolan Minister of Exterior Relations, Manuel Gomes dos Santos, represented their respective governments at the December 27, 2007 signing ceremony for the agreement.
Staff Comments
1. The Chinese Government 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), AidData assumes that the loans included in this debt forgiveness package were contracted before 2000. As such, this record is not coded as an umbrella record, as there is little risk of double counting.
Sources & References
- O Protocolo sobre o Perdão da Dívida do Governo Angolano foi assinado, pelos Governos da China e de Angola
- 关于免除安哥拉政府部分债务议定书事
- SAIS-CARI China's Debt Cancellation In Africa Database*
- SAIS-CARI China's Debt Cancellation In Africa Database*
- Debt Relief with Chinese Characteristics
- China-Angola aid relations: strategic cooperation for development? 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.
All Grantees
Government of Angola
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