SEVILLE/LONDON – Spain has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt “swaps,” the country’s Ministry of Economy said on Tuesday.
With rich governments cutting official development aid and many countries struggling with their debts, nations are trying to find creative ways to fund projects ranging from protecting coral reefs to paying for schools.
The Global Hub for Debt Swaps for Development, launched at the UN’s Finance for Development summit in Seville, will provide technical and financial assistance to countries eyeing debt swaps for food security and climate change adaptation, the Spanish government said.
Nations from Barbados and Belize to Ecuador and…