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It is Time for Middle-Income Countries to Be Part of Debt Relief Initiatives for a Green and Inclusive Recovery: Alicia Bárcena ECLAC’s Executive Secretary participated in an international conference organized by the Heinrich Böll Stiftung, the Centre for Sustainable Finance at SOAS University of London, and the Boston University Global Development Policy Center.
28 June 2021|News
It is time for middle-income countries to be made part of debt relief initiatives for a green and inclusive recovery, Alicia Bárcena, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), said today during an international conference entitled Debt Relief for a Green and Inclusive Recovery, organized by the Heinrich Böll Stiftung, the Centre for Sustainable Finance at SOAS
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By Kevin Gallagher and Rebecca Ray
According to new estimates, China now finances overseas development at nearly the same level as the World Bank. With countries currently struggling to combat COVID-19, protect the vulnerable, and mount a green and inclusive recovery, this significant increase in global development funding could potentially bring major benefits to the world economy.
But, like any huge influx of capital into the developing world, China’s financial assistance also poses large risks – especially regarding debt distress, biodiversity loss, and climate change.
A new
interactive dataset from Boston University’s Global Development Policy Center tracks the overseas sovereign loan commitments of China’s two global policy banks – China Development Bank and the Export-Import Bank of China. Between 2008 and 2019, China’s global development finance totaled $462 billion, just $5 billion short of the World Bank’s sovereign commitments in