China Cancels Liberia's Debt

Tuesday, 31st October 2006
Monrovia, Liberia - The government of the Peopleís Republic of China has agreed to cancel Liberiaís matured debt up to the end of 2005.
China has also agreed to assist with capacity building through training programs. The government of China would also build two village elementary schools; provide thirteen scholarships for students during the 2006/2007 academic year and provide anti-malaria drugs worth nearly 120-thousand U.S. dollars, now being shipped to Liberia.

Chinese President Hu Jintao made the disclosure Wednesday, when he met with President Ellen Johnson-Sirleaf and delegation in Beijing at the Great Hall of the People.

During the occasion, the Governments of China and Liberia also signed an agreement on economic and technical cooperation. Under the agreement, China will provide Liberia a grant of nearly five-million U.S. dollars to be used to complete the various projects underway in Liberia including the renovation of the Foreign Ministry and the SKD Sports Complex.

Presidents Hu Jintao and Johnson-Sirleaf also signed memoranda of understanding on general cooperation on the development of a seaport and exploration of mineral resources, including oil.

The Leaders lauded the increasing level of close relationship and mutual desire to increase the level of economic and trade cooperation between their two countries. The Liberian leader has, meanwhile, thanked the Chinese government for the support China continues to render Liberia in its development initiatives.

In a related development, the Liberian leader will tomorrow, Saturday address the opening session of the China-Africa Cooperation Forum in Beijing, the Peopleís Republic of China.