China’s Ministry of Commerce cancels RMB 50 million of the Government of Rwanda’s outstanding debt obligations in November 2022

¥50M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Rwanda
Country	Rwanda
Start Date	Nov 28, 2022
End Date	Aug 10, 2033
Duration	3,908 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`95957`

Grant Description

On November 28, 2022, the Chinese Government and the Government of Rwanda signed a debt cancellation agreement.

China’s Ministry of Commerce (MOFCOM) agreed to cancel RMB 50 million ($7.1 million) of the Government of Rwanda’s outstanding debt obligations.

These obligations resulted from an interest-free loan that the Government of Rwanda had previously contracted through an ETCA (captured via Record ID#2021) to build the 6.36-kilometer Masaka-Kabuga road as part of the broader Kigali urban road upgrading project.

📋 Staff Comments

1. This record is marked as an umbrella record because the (canceled) interest-free loan in question was contracted after 2000, presenting a double-counting risk.

📚 Sources & References

Reprieve for Rwanda as China cancels $7.1 million debt
Remarks by Ambassador Wang Xuekun at the Chinese New Year Reception 2023
China Cancels Rwanda's $7.1 Million Debt
Reprieve for Rwanda as China cancels $7.1 million 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.