The agreement is based on a multilateral framework agreement concluded in the Paris Club, a forum for creditor countries, 15 May this year. Cote d’Ivoire’s debt treatment in the Paris Club is part of the international initiative to reduce the debts of the poorest and most indebted countries, known as the Heavily Indebted Poor Countries Initiative – HIPC.
In accordance with the Norwegian Debt Relief Strategy, the debt was cancelled without taking any funds from the development budget. The cancellation does not therefore affect the development assistance provided to other poor countries.
Cote d’Ivoire’s remaining debt to Norway will be cancelled when the country reaches the completion point defined under the HIPC initiative.