Chinese Government cancels $6 million of the Government of DRC’s outstanding debt obligations (Linked to Record ID#58867)

¥6M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Democratic Republic of Congo
Country	Democratic Republic of the Congo
Start Date	Jan 01, 2002
End Date	Feb 02, 2031
Duration	10,624 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`58870`

Grant Description

In 2002, the Chinese Government and the Government of the Democratic Republic of Congo signed a debt exemption protocol, which cancelled RMB 148,320,000 of the Government of the Democratic Republic of Congo’s outstanding debt obligations. It also cancelled $6 million of the Government of the Democratic Republic of Congo’s outstanding debt obligations.

Record ID#58870 captures the $6 million debt cancellation and Record ID#58867 captures the RMB-denominated debt cancellation.

📋 Staff Comments

This debt forgiveness is not marked as umbrella since the loans would have been contracted prior to 2000, so there is little risk of double counting.

📚 Sources & References

DEVELOPMENT AID CHINA-DRC
Debt Relief with Chinese Characteristics
SAIS-CARI China's Debt Cancellation In Africa Database*
AMP (China Only) From 28 March 2018 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.