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World Bank president Ajay Banga (left) speaking at the Paris summit with prime minister of Ethiopia Abiy Ahmed (Photo: New Global Financing PactN)

Wealthy countries slammed for failing to address debt crisis

The World Bank and other multilateral development banks are set to find $200bn [€183bn] in extra financing for developing countries by taking on more risk, which is expected to require increased funding from wealthy countries, world leaders announced in Paris on Friday (23 June).

Over 40 heads of state and government had gathered in Paris to agree on a new pact to increase climate financing for the developing world.

The final summit draft text called for the doubling of availabl...

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.

World Bank president Ajay Banga (left) speaking at the Paris summit with prime minister of Ethiopia Abiy Ahmed (Photo: New Global Financing PactN)

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.

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