Chinese Government cancels CVE 1.6 billion of Government of Cape Verde’s outstanding debt obligations

Funder	China (People's Republic of)
Recipient Organization	Cabo Verde
Country	Cabo Verde
Start Date	Aug 18, 2007
End Date	Aug 26, 2027
Duration	7,313 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`370`

Grant Description

In November 2006 during the Beijing Summit for the Forum on China-Africa Cooperation (FOCAC), Chinese President Hu Jintao pledged to cancel any debt from interest-free loans contracted by heavily indebted poor countries (HIPCs) and 33 less developed countries (LDCs) in Africa -- including Cape Verde -- scheduled to begin repayment at the end of 2005.

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.