Completed Development AidData Chinese Aid

Chinese Government cancels 610,000 GBP of the Government of Guyana’s outstanding obligations (Linked to Record ID#36669, #56154)

¥610K RMB

Funder	Unspecified Chinese Government Institution
Recipient Organization	Government of Guyana
Country	Guyana
Start Date	Jul 10, 2007
End Date	Feb 17, 2027
Duration	7,162 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92045`

Grant Description

On July 10, 2007, the Chinese Government and the Government of Guyana signed letters of exchange.

Under the terms of the agreement, the Chinese Government agreed to provide RMB 107,206,063.43 (captured via Record ID#56154) and 610,000 GBP of debt forgiveness (captured via Record ID#92045) to the Government of Guyana.

The total USD value of this debt forgiveness action was $15.3 million, which brought the total amount of debt forgiveness provided by the Chinese Government to the Government of Guyana to approximately $34.9 million.

📋 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 2007, 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).
The Chinese Government provided $20 million of additional debt forgiveness in 2003 (as captured via Project ID#36669).
The July 10, 2007 debt forgiveness agreement can be accessed in its entirety via https://www.dropbox.com/s/s5t4nhd9ewy2elt/

📚 Sources & References

2008 Guyana Budget Speech
Annual Report 2007
Debt Forgiveness Agreement
Guyana gets debt relief
INTERNATIONAL DEVELOPMENT ASSOCIATION COUNTRY ASSISTANCE STRATEGY FOR GUYANA FOR THE PERIOD FY 2009-2012
Supplementary Order Paper for the 38th Sitting of the National Assembly of the First Session 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 Guyana

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