Chinese Government cancels CFA 18.8 billion francs of Government of Togo’s outstanding debt obligations

$31.34M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Togo
Country	Togo
Start Date	Jun 19, 2001
End Date	Jun 18, 2028
Duration	9,861 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`64027`

Grant Description

On June 19, 2001, the Chinese Government and the Government of Togo signed a debt exemption protocol, which cancelled CFA 18,806,573,800 francs of the Government of Togo’s outstanding debt obligations. These obligations resulted from an interest-free loan that the Government of Togo previously contracted.

The debt forgiveness reduced Togo's total debt to China by approximate two-thirds.

📋 Staff Comments

This debt forgiveness project is not marked as an umbrella project since the original loan was contracted before 2000, so there is no risk of double counting.

📚 Sources & References

La Chine annule une dette togolaise de plus de 18 millards FCFA
Togo : 2002 Article IV Consultation and Review of the Staff-Monitored Program-Staff Report; and Public Information Notice on the Executive Board Discussion
China waives 28 million euro debt owed by Togo
SAIS-CARI China's Debt Cancellation In Africa Database*
Debt Relief with Chinese Characteristics 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.