Chinese Government cancels $1.54 million of Government of Cape Verde’s outstanding debt obligations

$1.54M USD

Funder	Unspecified Chinese Government Institution
Recipient Organization	Government of Cabo Verde
Country	Cabo Verde
Start Date	Jan 01, 2016
End Date	Jan 03, 2029
Duration	4,751 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`52205`

Grant Description

In 2016, during a Macau Meeting between Prime Ministers of China and Cape Verde, Chinese Prime Minister Li Keqiang announced that his government would forgive the Government of Cape Verde’s outstanding debts that were scheduled to mature by the end of 2015. The total amount of debt forgiven was equivalent to $1.54 million dollars.

Record ID#52207 captures another financial commitment that the Chinese Government made during the same meeting.

📋 Staff Comments

The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs. As such, the loans likely had maturity lengths of 20-years and since they had reached maturity no later than 2015, they were almost certainly contracted prior to 2000. Therefore, AidData has not assigned this record to the umbrella category (as there is little risk of double counting the monetary value of the debts that were forgiven).

📚 Sources & References

China perdoa dívida e doa dinheiro a Cabo Verde
China cancela empréstimos sem juros da Etiópia 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.