Chinese Government cancels CFAF 3.5 billion of the Government of Senegal’s outstanding debt obligations

$3.5M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Senegal
Country	Senegal
Start Date	Dec 31, 2007
End Date	Mar 30, 2031
Duration	8,490 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`73512`

Grant Description

Prior to the Government of Senegal severing its diplomatic ties with the People’s Republic of China (PRC) in 1996, it obtained an interest-free loan from the (PRC).

Then, in 2007, after a resumption of diplomatic ties between the two countries, the PRC agreed to cancel the Government of Senegal’s outstanding debt obligations (worth CFAF 3.5 billion) that resulted from this interest-free loan.

📚 Sources & References

LA CHINE ET L’ALLEMAGNE ALLOUENT PRES DE 9 MILLIARDS AU SENEGAL
Debt Relief with Chinese Characteristics
SAIS-CARI China's Debt Cancellation In Africa Database
L’empire chinois au milieu du Sénégal
Senegal Ministry of Finance Twitter Thread
Financements de divers projets: La Chine accorde 4,8 milliards FCFA sans intérêts
La Chine accorde le traitement douanier zéro à 95% des produits originaires du Sénégal et accorde à ce pays un financement de 12 milliards de FCFA
Signature d’un accord de coopération économique entre le Sénégal et la Chine 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.