Chinese Government cancels $3 million of the Government of Eritrea’s outstanding obligations

$3M USD

Funder	Unspecified Chinese Government Institution
Recipient Organization	Government of Eritrea
Country	Eritrea
Start Date	Jan 01, 2001
End Date	May 27, 2027
Duration	9,642 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`495`

Grant Description

On June 15, 2001, it was reported that Eritrea’s Economic Advisor Woldai Futur and China's Vice Minister for Foreign Trade and Economic Cooperation Zhou Keren signed a $3 million debt cancellation agreement.

This agreement relieved the Government of Eritrea's of its obligation to repay a loan that it secured in 1994 for agricultural machinery.

📋 Staff Comments

This project is not marked as umbrella since the loans being forgiven were contracted prior to 2000, so there is no risk of double counting.

📚 Sources & References

http://www.irinnews.org/Report/22255/ERITREA-China-cancels-debt
Eritrea
China to sign grant agreement, cancellation of debt.
China cancels debt
Debt Relief with Chinese Characteristics
SAIS-CARI China's Debt Cancellation In Africa Database* 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.