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Chinese Government cancels $7 million of the Government of Eritrea’s outstanding obligations
| Funder | Unspecified Chinese Government Institution |
|---|---|
| Recipient Organization | Government of Eritrea |
| Country | Eritrea |
| Start Date | Jan 01, 2016 |
| End Date | Jun 24, 2030 |
| Duration | 5,288 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 73368 |
Grant Description
In 2016, the Chinese Government cancelled $7 million of the Government of Eritrea’s outstanding debt obligations.
The obligations resulted from interest-free loans that the Government of Eritrea previously contracted and that reached maturity by December 31, 2015.
Staff Comments
The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs. As such, the loans likely had maturity lengths of 20-years and since they had reached maturity no later than 2015, they were almost certainly contracted prior to 2000. Therefore, AidData has not assigned this record to the umbrella category (as there is little risk of double counting the monetary value of the debts that were forgiven).
Sources & References
- SAIS-CARI China's Debt Cancellation In Africa Database
- Remarks by Chinese Ambassador Qiu Xuejun at the Reception for Eritrean Youth Delegation （From Chinese Embassy in The State of Eritrea）
- Debt Relief with Chinese Characteristics
- 对外投资合作国别（地区）指南-厄立特里亚
- 中国-厄立特里亚经贸联委会首届会议在京召开
- 驻厄立特里亚大使邱学军在欢送厄特赴华留学生 招待会上的讲话 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.
All Grantees
Government of Eritrea
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