The debt cancellation agreement with DR Congo is part of the Heavily Indebted Poor Countries (HIPC) Debt Initiative. It is in accordance with two multilateral framework agreements concluded by the Paris Club in February and November 2010, through which DR Congo 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. Thus, the debt relief will serve as a supplement rather than resulting in a reduction in other assistance to poor countries.
(Press release)
Minister of International Development Heikki Holmås says Norway is the first country in the world to review its loans to developing countries, in line with the UN Guiding Principles on foreign debt and human rights.
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