Completed Development AidData Chinese Aid

Chinese Government cancels $39.9 million of the Government of Equatorial Guinea’s outstanding obligations (Linked to Record ID#474)

$39.9M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Equatorial Guinea
Country	Equatorial Guinea
Start Date	Nov 01, 2001
End Date	Sep 06, 2026
Duration	9,075 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`472`

Grant Description

In November 2001, the Chinese Government and the Government of Equatorial Guinea signed a debt exemption protocol. Neither party disclosed the amount of debt that was forgiven.

However, the IMF recorded a $39.9 million reduction in the Government of Equatorial Guinea’s outstanding debt obligations to the Chinese Government in 1999 (in a statistical appendix to IMF Country Report No. 03/386).

Since debt cancellation agreements with the Chinese Government can be subject to discussion and negotiation over multiple years and the Chinese Government and the Government of Equatorial Guinea signed a debt exemption protocol in 2001, AidData records this amount of debt forgiveness in the year when the debt exemption protocol was signed.

📋 Staff Comments

The debts that were written off through this agreement were almost certainly contracted before 2000, so AidData has not coded this project as an “umbrella project” (as there is little risk of double-counting loans that were contracted from 2000 onward).
The Spanish name of the debt forgiveness agreement is El protocolo sobre la exoneración parcial de las deudas al gobierno de guinea ecuatorial entre el gobierno de la R.P. China y el gobierno de la R. de Guinea Ecuatorial.
During the same meeting, the Chinese Government also agreed to provide the Government of Equatorial Guinea with interest-free loans (as captured via Project ID#474).

📚 Sources & References

China
Equatorial Guinea sign documents on debt relief, http://news.cntv.cn/20101223/111465.shtml, http://timelines.ws/countries/EQGUINEA.HTML, http://global.factiva.com/redir/default.aspx?P=sa&an=afpr000020011119dxbj009vq&cat=a&ep=ASE
Debt Relief with Chinese Characteristics
President Jiang Zemin Met with President Obiang Nguema Mbasogo of the Republic of Equatorial Guinea
Equatorial Guinea: Selected Issues and Statistical Appendix
江泽民会见赤道几内亚总统奥比昂
Chinese President Meets Equatorial Guinean President
江泽民会见赤道几内亚总统奥比昂
江泽民主席会见赤道几内亚总统奥比昂
List of Chinese loans published of Equatorial Guinea Ministry of Finance Website in 2021 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.