Chinese Government cancels RMB 180 million of the Government of the Democratic Republic of the Congo's (DRC) outstanding debt obligations (linked to Record ID# 93017)

On January 7, 2021, the Chinese Government announced that it was cancelling RMB 180 million (USD 28 million) of the Government of the Democratic Republic of the Congo's (DRC) outstanding debt obligations. The debt obligations come from interest-free loans that the Chinese government provided to the DRC.

The debt obligations were originally due to mature at the end of 2020. The purpose of this cancellation is primarily to help DRC develop infrastructure. The cancelation was announced in a joint press conference between the Chinese and DRC governments in Kinshasa.

At the event, Chinese Foreign Minister Wang Yi said the purpose of the cancellations was to provide financial relief from the burdens of the COVID-19 pandemic.

China has granted over USD 2 billion in debt relief to developing countries that faced financial burdens from the COVID-19 pandemic. The relief comes from a G-20 framework.

In addition to the debt relief, the Chinese government provided USD 17 million in financial support for the DRC government (Record ID# 93017).

DRC signed a Memorandum of Understanding (MoU) to become the 45th African country to enter the Belt and Road Initiative (BRI). China also donated 100,000 doses of the coronavirus vaccine alongside this agreement (see: Record ID# 97642).