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Chinese Government forgives $10 million interest-free loan for construction of USP Law School (Linked to Record ID#39295, #37722)
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Government of Vanuatu |
| Country | Vanuatu |
| Start Date | Jan 01, 2008 |
| End Date | Mar 30, 2032 |
| Duration | 8,855 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 73393 |
Grant Description
At the time of the signing of the agreement, Vanuatu’s Minister of Foreign Affairs said, ‘So far, there has never been any loan payments made by the government towards the USP complex.
However, the government intends to pay up within this next 5-years.’ Then, in 2013, USP announced that the Chinese Government had cancelled the Government of Vanuatu’s repayment obligations related to the loan that was issued for the construction of the USP Law School.
Record ID#37722 captures the 5-year grace period extension and Record ID#73393 captures the cancellation of the Government of Vanuatu’s outstanding repayment obligations.
Staff Comments
The precise year in which the Chinese Government cancelled the Government of Vanuatu’s repayment obligations is unknown. For the time being, AidData assumes that the commitment year was in 2008 (when the 5-year grace period extension ended).
Sources & References
- New Emalus campus extension opens
- Vanuatu: Recent Economic Developments
- CHINA
- VANUATU SIGN AGREEMENTS
- Vanuatu: Recent Economic Developments
- TENTH LEGISLATURE THIRD EXTRAORDINARYSESSION OF 2014 28 JULY-4A UGUST 2014 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 Vanuatu
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