Completed Development AidData Chinese Aid

Chinese Government cancels KMF 630 million of the Government of Comoros’ outstanding obligations

$630K USD

Funder	Unspecified Chinese Government Institution
Recipient Organization	Government of Comoros
Country	Comoros
Start Date	Jan 19, 2017
End Date	Apr 14, 2028
Duration	4,103 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`57273`

Grant Description

On January 19, 2017, the Minister of Foreign Affairs of Comoros and the Ambassador of the People's Republic of China in the Union of the Comoros signed a partial debt exemption protocol agreement.

Under the terms of this agreement, the Chinese Government reportedly cancelled 630 million Comorian francs (KMF) of the Government of Comoros’ outstanding debt obligations.

The debt exemption arrangement was part of a Chinese Government initiative to boost economic growth in Comoros and lighten it debt burden to catalyze future projects like the rehabilitation of The People's Palace of Comoros.

📋 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 2017, 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

中科两国政府签署免除科政府部分债务议定书和援科项目换文
Comoros: China clears 630 million Comorian francs from the country's debt
Relations sino-comoriennes : 42 ans de coopération visible
China writes off Comorian government 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.