Cote d’Ivoire’s remaining debt to Norway cancelled

Report
from Government of Norway
Published on 16 Nov 2012 View Original

The Norwegian Government agreed today to cancel Cote d’Ivoire’s remaining debt to Norway of USD 32.7 million.

“Last February Norway cancelled USD 3.3 million of Cote d’Ivoire’s debt. We have now cancelled the remainder. Cote d’Ivoire is now in a position to use more of its own resources for reconstruction and the provision of health and education services to the population,” said Minister of International Development Heikki Eidsvoll Holmås.

The debt cancellation agreement with Cote d’Ivoire falls under the Heavily Indebted Poor Countries (HIPC) Debt Initiative. It is in accordance with a multilateral framework agreement concluded in the Paris Club in June 2012, under which Cote d’Ivoire secured a final settlement under the HIPC initiative.

In accordance with the Norwegian Debt Relief Strategy, the debt was cancelled without deducting any funds from the development assistance budget. The debt cancellation will therefore not affect the development assistance provided to any country.