Completed Development AidData Chinese Aid

Chinese Government cancels RMB 50 million of the Government of Lesotho’s outstanding obligations

¥50M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Lesotho
Country	Lesotho
Start Date	Jan 01, 2007
End Date	Dec 15, 2029
Duration	8,384 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`55887`

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 interest-free loans contracted by heavily indebted poor countries (HIPCs) and 33 less developed countries (LDCs) in Africa (including Lesotho) that were scheduled to begin repayment at the end of 2005.

Then, on September 21, 2007, China’s Vice Minister of Commerce and Lesotho’s Minister of Finance signed a debt relief agreement.

Under the terms of this agreement, the Chinese Government agreed to cancel RMB 50 million of the Government of Lesotho’s outstanding debt obligations.

📋 Staff Comments

This project has not been marked as umbrella since the loans that were canceled were almost certainly contracted in the 1990s and there is a minimal risk of double-counting.

📚 Sources & References

中国免除非洲33国168笔债务
中国拟于2007年底前免除33个非洲国家债务
傅自应部长助理率团访莱并签署三个协议
中国同莱索托的关系
FORUM ON CHINA-AFRICA COOPERATIONBEIJING ACTION PLAN (2007-2009)
中国同莱索托的关系
Debt Relief with Chinese Characteristics
世界最大的国中国，被富国包围却未被吞并，5千万债务被我国免除 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.