The Norwegian Government has cancelled Gambia’s remaining debt of NOK 13 million (approximately USD 2,6 million) to Norway.
05/09/2008 :: The debt cancellation agreement with Gambia is part of the Heavily Indebted Poor Countries (HIPC) Debt Initiative. The agreement is in accordance with, and follows the conclusion of, a multilateral framework agreement by the Paris Club in January 2008, under which Gambia secured a final settlement under the HIPC initiative. The Norwegian Government committed itself to cancelling the rest of Gambia’s outstanding debt to Norway.
In accordance with the Norwegian Debt Relief Strategy, the debt was cancelled without deducting any funds from the development assistance budget. The cancellation will therefore not affect the development assistance provided to any poor country.