MOFCOM cancels $68 million of the Government of Zambia's outstanding debt obligations (Linked to Record ID#56956)

$70M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Zambia
Country	Zambia
Start Date	Jul 01, 2019
End Date	Apr 06, 2032
Duration	4,663 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`66330`

Grant Description

In 2009, China's Ministry of Commerce (MOFCOM) provided a $68 million interest-free loan for the Levy Mwanawasa Stadium Construction Project (captured via Record ID#56956).

📋 Loan / Grant Terms

📅 Maturity20 years

⏳ Grace Period10 years

💹 Interest Rate0%

Then, in July 2019, the Chinese Government announced that its would forgive the Government of Zambia's outstanding debt obligations under the $68 million loan agreement.

📋 Staff Comments

1. The loan was contracted post-2000; therefore, to avoid double-counting, AidData has coded this act of debt forgiveness as an 'umbrella' record.

📚 Sources & References

China Cancels Debt for $70 Million Levy Stadium
李杰大使会见赞比亚铜带省省长
China writes off US$90m of Zambian 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.