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Chinese Government cancels 7.8 billion CFA francs of Government of Congo's outstanding debt obligations for December 2020 interest-free loans
| Funder | Unspecified Chinese Government Institution |
|---|---|
| Recipient Organization | Government of Republic of Congo |
| Country | Congo |
| Start Date | Jan 01, 2021 |
| End Date | May 14, 2032 |
| Duration | 4,151 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 88157 |
Grant Description
On February 13, 2021, the Chinese Government signed an agreement with the Government of the Republic of Congo to forgive about 7.8 billion CFA francs of the Congo's outstanding debt. The debt forgiveness applies specifically to two interest-free loan payments that were due in December 2020.
The agreement was signed both as part of China's June 2020 "China-Africa Extraordinary Summit on Solidarity Against COVID-19" ("中非团结抗疫特别峰会") and the G-20 Debt Service Suspension Initiative (DSSI). The stated intention of China's debt forgiveness was to increase its support of African countries during hardship.
Sources & References
- 中国暂缓最贫困国家债务为世界作出表率
- CHINA CANCELS MORE THAN CFAF 7 BILLION IN CONGO'S DEBT
- La Chine Annule Plus De 7 Milliards De Fcfa De La Dette Du Congo
- Chine-Afrique: La Chine Annule la Totalité de la Dette Publique Congolaise, 【中国网评】中国暂缓最贫困国家债务为世界作出表率 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 Republic of Congo
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