Completed Development AidData Chinese Aid

Chinese Government cancels $32 million of the Republic of Congo's outstanding obligations

$32M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Republic of Congo
Country	Congo
Start Date	Jul 18, 2007
End Date	Apr 04, 2029
Duration	7,931 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59550`

Grant Description

On July 18, 2007, the Chinese Government and the Republic of Congo signed a Memorandum of Understanding (MoU) in Brazzaville.

The agreement was signed by Congolese Minister of Economy, Finance, and the Pacific Budget, Issoïbeka, and the Chinese Ambassador to Congo, Wo Ruidi.

Under the terms of the agreement, the Chinese Government reportedly cancelled 15.6 billion CFA francs ($32 million) of the Republic of Congo’s total outstanding obligations (30.6 billion CFA francs).

This cancellation represented 97.5% of the Republic of Congo’s stock of arrears and 22% of the stock excluding arrears. According to a publication from l’Université Marien Ngouabi, this act of Chinese debt forgiveness was completed.

📋 Staff Comments

SAIS-CARI identifies $64 million as the value of the debt forgiveness that was granted. AidData records the value ($32 million) that is reported by China’s Ministry of Commerce (MOFCOM). The loans that were forgiven were almost certainly contracted prior to 2000, so this project is not marked as umbrell as there is little risk of double counting. This act of debt forgiveness is identified as separate from the act of debt forgiveness captured in Project ID#334.

📚 Sources & References

APPROCHES COMPARATIVES DE LA DEPENDANCE DU CONGO A L’EGARD DE LA FRANCE ET DE LA CHINE
La Chine annule la moitié de la dette congolaise à son égard
La Chine efface 32 millions USD de dettes du Congo
SAIS-CARI China's Debt Cancellation In Africa Database*
Elections législatives : un deuxième tour
Courtisé par la Chine
China relieves part of Republic of Congo's debt 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.