Completed Development AidData Chinese Aid

Chinese Government cancels RMB 17.38 million of the Government of Angola’s outstanding obligations (Linked to Record ID#34749)

¥17.38M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Angola
Country	Angola
Start Date	Jan 01, 2009
End Date	Dec 04, 2033
Duration	9,103 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`73825`

Grant Description

In January 2009, China’s Minister of Commerce Chen Yuan announced that the Chinese Government had cumulatively cancelled RMB 67.38 million ($10 million) of the Government of Angola’s outstanding debt obligations.

Of that aggregate amount, RMB 50 million ($7 million) was forgiven on December 27, 2007 (as captured via Record ID#34749) and the remaining RMB 17.38 million ($3 million) was cancelled between late 2007 and early 2009 (as captured via Record ID#73825).

📋 Staff Comments

1. The loans forgiven through this action were almost certainly interest-free loans committed through previous ETCAs. As such, the loans likely had maturities of 20-years and since they had reached maturity no later than 2009, they were almost certainly contracted prior to 2000. Therefore, AidData has not 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

China-Angola aid relations: strategic cooperation for development?
SAIS-CARI China's Debt Cancellation In Africa Database*
Angola China's largest African trade partner
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.

All Grantees

Government of Angola

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