Chinese Government cancels RMB 170 million of the Government of Zambia’s outstanding debt obligations in 2021

¥170M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Zambia
Country	Zambia
Start Date	Jan 01, 2021
End Date	Aug 19, 2033
Duration	4,613 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`95784`

Grant Description

In 2021, the Chinese Government and the Government of Zambia signed a debt forgiveness agreement.

China’s Ministry of Commerce (MOFCOM) agreed to agreed to cancel RMB 170 million of the Government of Zambia’s outstanding debt obligations.

These obligations resulted from interest-free loans that the Government of Zambia had previously contracted (potentially for the construction of a stadium and airport).

📋 Staff Comments

1. This record is marked as an umbrella record because the (cancelled) interest-free loans were potentially contracted after calendar year 2000, which presents a risk of double-counting.

📚 Sources & References

Chinese ambassador to Zambia 4th August 2022 International Relations Association of Zambia
Ambassador Li Jie Attends 'Media Workshop' Hosted by the ZCFA and Gives a Briefing to Media
Evaluating China's Role in Zambia's Debt Restructuring 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.