💨 Abstract

Spain and the World Bank launched the Global Hub for Debt Swaps for Development to assist poorer countries in freeing up funds for development and conservation through debt swaps. The initiative, announced at the UN's Finance for Development summit, aims to simplify and expedite debt swap processes, which have seen around $6 billion in debt-for-nature transactions. Supported by a 3 million euro contribution from Spain, the hub will offer technical and financial aid, with development banks providing crucial guarantees to reduce costs.

Courtesy: theprint.in