LONDON – Spain has partnered with the World Bank to help countries free up money to spend on sustainable development projects via debt swaps, the country’s Ministry of Economy said on Tuesday.
With rich governments cutting official development aid and many countries spending more on servicing debt than on development, nations are turning to creative ways to find cash to support projects ranging from protecting coral reefs to paying for water sanitation projects and schools.
The Global Hub for Debt Swaps for Development, launched at the Finance for Development summit in the Spanish city of Seville, will provide technical and financial assistance as countries look to reallocate finance to projects like food security and climate…