Paris Club
Since the start of the HIPC initiative, debt relief granted to the 36 post-decision point countries at end-2011 amounts to almost 35 percent of these countries’ 2010 GDP, around US$128 Bn in nominal terms. The total debt relief effort provided under the HIPC initiative is shared by multilateral creditors (44.5%), the Paris Club (36.3%), non-Paris Club bilateral creditors (13.1%) and private creditors (6.1%). Hence, the HIPC initiative represents a genuine and significant financial effort from Paris Club member countries, especially considering that they indirectly contribute to debt relief granted by multilateral creditors, as they are major shareholders of these international financial institutions.