Chinese Government cancels $3 million of the Government of Eritrea’s outstanding obligations

$3M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Eritrea
Country	Eritrea
Start Date	Jan 01, 2003
End Date	Aug 13, 2030
Duration	10,086 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92585`

Grant Description

On June 15, 2003, Eritrean Economic Advisor Woldai Futur and China’s Vice Minister for Foreign Trade and Economic Cooperation Zhou Keren signed a $3 million debt forgiveness agreement.

These loan repayment obligations resulted from a $3 million interest-free loan that the Chinese Government issued in 1994 to the Government of Eritrea to facilitate the acquisition of agricultural machinery.

📚 Sources & References

Journal of Social and Development Sciences (ISSN 2221-1152) Vol. 12
No. 4, pp. 59-85
December 2021
China Commits Millions in Aid to Eritrea
Examining the Debt Implications of the Belt and Road Initiative from a Policy Perspective
China cancels debt 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.