Lending to National Governments

Canada, as a creditor to other national governments, is committed to following the highest standards on debt transparency. In June 2021, Canada, along with other G7 countries, committed to publishing its creditor portfolios on a loan-by-loan basis for future direct lending. In doing so, Canada and the rest of the G7 will achieve the highest rating on sovereign lending publication practices as per the G20 Operational Guidelines for Sustainable Financing (OGSF). The aim of these guidelines is to “enhance access to sound financing for development while ensuring that sovereign debt remains on a sustainable path by fostering information sharing and cooperation among borrowers, creditors and international financial institutions, as well as learning through capacity building.”

Canada has loans with other national governments through the following Canadian government entities: 

Lending to national governments will continue to be reported in the Public Accounts of Canada and by Export Development Canada (EDC). 

Clear, accurate and easily accessible information on other national governments’ debts owed to Canada supports improved governance and enables citizens and civil society to better hold their governments accountable, contributing to long-term sustainable and inclusive growth. Canada provides further debt support to developing countries through various initiatives; since May 2020, Canada has also provided almost $100 million in temporary debt service relief for the poorest countries through the G20 and Paris Club agreed Debt Service Suspension Initiative (DSSI).

Table 1
Lending to Other National Governments Transaction Details (CAD) signed since January 1, 2021
As of March 31, 2022
Date (of Loan Agreement Signature) Funding Date Country Lender Type of Lending Beneficiary Use of Proceeds
(i.e. purpose of loan)
Grace Period (months) Maturity (months) Amount (millions) Interest Rate Type
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Table 2
Total Outstanding Loans to Other National Governments by Country (CAD)
As of March 31, 2022
Country GAC Export Trade Promotion GAC International Development Finance Canada Macroeconomic Financial Assistance Export Development Canada Total Outstanding Canadian Loans
Algeria - $1,949,584.75 - - $1,949,584.75
Angola - - - $435,523,399.19 $435,523,399.19
Argentina $33,301,772.82 - - $17,767,214.01 $51,068,986.83
China $279,328,428.88 - - $32,512,018.96 $311,840,447.84
Cuba - - - $35,623,145.92 $35,623,145.92
Dominican Republic - $437,210.22 - - $437,210.22
Ecuador - $109,388.45 - - $109,388.45
Egypt $5,418,744.73 $23,006,420.84 - $299,458,945.78 $327,884,111.35
Gabon $5,736,669.16 - - - $5,736,669.16
Guatemala - $481,250.00 - - $481,250.00
India $31,138,290.67 - - - $31,138,290.67
Indonesia - $46,088,181.93 - $45,571,370.64 $91,659,552.57
Iran - - - $8,119,064.05 $8,119,064.05
Iraq $64,045,069.67 - - - $64,045,069.67
Côte d'Ivoire - - - $21,886,301.82 $21,886,301.82
Jamaica $3,773,332.01 - - - $3,773,332.01
Kenya $2,999,637.58 - - - $2,999,637.58
Malaysia - $636,337.47 - - $636,337.47
Malta - $49,980.00 - - $49,980.00
Montenegro - - - $14,437,433.87 $14,437,433.87
Morocco $53,551,253.79 $1,249,279.76 - - $54,800,533.55
Pakistan $16,095,193.53 $20,162,020.21 - $47,738,119.99 $83,995,333.73
Philippines - $237,458.05 - - $237,458.05
Rwanda - - - $19,695,706.76 $19,695,706.76
Serbia - - - $29,465,070.42 $29,465,070.42
Sri Lanka - $24,828,960.79 - - $24,828,960.79
Sudan $11,606,899.99 - - - $11,606,899.99
Thailand - $4,996,056.98 - - $4,996,056.98
Tunisia - $6,740,696.98 - - $6,740,696.98
Turkey $69,882,257.66 - - - $69,882,257.66
Venezuela $2,444,183.46 - - $614,617.38 $3,058,800.84
TOTAL $579,321,733.95 $130,972,826.43 $- $1,008,412,408.79 $1,718,706,969.17
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