Chinese Government cancels RMB 249,730,000 of the Government of DRC’s outstanding debt obligations

📋 Staff Comments

China made a concerted effort in 2007 to forgive the debt from interest-free loans maturing by the end of 2005 to heavily-indebted African countries (http://kp.china-embassy.org/chn//zgxw/zgzxxw/t293317.htm). Since interest-free loans usually have 20-year maturities (http://www.gov.cn/zwgk/2011-04/21/content_1850553.htm), we have assumed the loans included in this debt forgiveness package would have been contracted before 2000. As such, this project is not marked as umbrella, as 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*
• La concrétisation des huit mesures annoncées au Sommet de Beijing
• Democratic Republic of the Congo : Enhanced Initiative for Heavily Indebted Poor Countries: Completion Point Document and Multilateral Debt Relief Initiative Paper 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.