Chinese Government cancels M150 million of the Government of Lesotho’s outstanding obligations

$150M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Lesotho
Country	Lesotho
Start Date	Sep 03, 2018
End Date	Feb 17, 2027
Duration	3,089 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`55890`

Grant Description

During a Beijing Summit of the Forum on China-Africa Cooperation held between September 3, 2018 and September 4, 2018, President Xi Jinping announced that any interest-free loans owed by African countries due to begin repayment in 2018 would be forgiven.

This write-off included outstanding debt obligations of the Government of Lesotho worth approximately M150 million (150 million Lesotho Lotis) resulting from interest-free loans that it contracted for the Manthabiseng National Convention Center Renovation Project (captured in Record ID#53050) and the New Parliament Building Construction Project (captured in Record ID#1096).

📚 Sources & References

China Writes-Off Lesotho’s Multi-Million Worth Debts
Move Forward China-Lesotho Cooperation With FOCAC Beijing Summit
Xi meets Lesotho prime minister, 2018 对外投资合作国别（地区）指南莱索托
Debt Relief with Chinese Characteristics, http://lestimes.com/china-cancels-lesotho-debts-gives-more-aid/
中国免除莱索托债务并给予更多援助
Lesotho Development Finance Assessment 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.