Chinese Government cancels $13 million of Republic of Congo’s outstanding debt obligations in 2021

$13M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Republic of Congo
Country	Congo
Start Date	Feb 13, 2021
End Date	Feb 22, 2026
Duration	1,835 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`95565`

Grant Description

On March 23, 2021, the Chinese Government and the Republic of Congo signed a debt forgiveness agreement.

The partial debt exemption protocol was signed by Calixte Nganongo, Congolese Minister of Finance and Budget, and Mâ Fulin, Ambassador of the People's Republic of China.

China’s Ministry of Commerce (MOFCOM) agreed to agreed to cancel $13 million (CFA 7.8 billion) of the Republic of Congo’s outstanding debt obligations.

These obligations resulted from two interest-free loans that the Republic of Congo previously contracted and that were scheduled to mature by December 31, 2020.

📋 Staff Comments

1. This record is marked as an umbrella record because the (cancelled) interest-free loan(s) in question was (were) likely contracted after calendar year 2000, which presents a risk of double-counting.

📚 Sources & References

CHINA CANCELS MORE THAN 7 BILLION FCFA OF CONGO'S DEBT
LA CHINE ANNULE PLUS DE 7 MILLIARDS DE F CFA DE LA DETTE DU CONGO
Coopération bilatérale : la Chine annule une partie de sa dette congolaise 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.