- SCZONE SIGNED DEAL WITH CHINESE INVESTORS FOR IRON PRODUCTS PROJECTS IN EGYPT
- WESTPROP HOLDING LIMITED SET TO CONSTRUCT US$174M PIPELINE PROJECT IN ZIMBABWE
- FORMER TOGO PLAYER ADEBAYOR LAUNCH SOCIAL HOUSING PROJECT IN TOGO
- AMANSIE WEST DISTRICT ROAD PROJECT BEGINS IN GHANA
- LAGOS TO CALABAR HIGWAY PROJECT: WHY IT CANT BE ACHIEVED
Guinea Bissau reduces debt by 90%
Support from ASLF helps Guinea Bissau reduce debt to Export-Import Bank of China (Exim Bank) by 90%.
The African Legal Support Facility (ALSF) assisted the Guinea Bissau Government during an outstanding debt negotiation with China’s Export-Import Bank (Exim Bank) in Singapore.
This assistance resulted to a series of settlement and debt-restructuring that saw both parties (i.e Guinea Bissau and Exim Bank) agreeing to a 90% reduction in the outstanding debt obligation.
This reduction which have saved the country over US$45 million was on the basis of the Heavily Indebted Poor Country (HIPC) Initiative which was launched by the World Bank and International Monetary Fund.
The country’s debt which amounted to US$50 million led to a lawsuit by Exim Bank in 2016, but Guinea Bissau reached out to ALSF for assistance and recently both parties have signed a Memorandum of Understanding (MOU) which reconciled the debt of US$50 million to be reduced to Us$5 million.