The World Bank President, Ajay Banga, on Friday, said the bank would create a catastrophe toolkit in response to the calls for a reform of the current global financial architecture.
Global debt profiles especially of countries in the global south are constantly on the rise with many countries now adjudged high-risk countries thereby keeping investors and investments far from them. Some of these countries are the worst hit by the changing climate and to cater for their disaster-prone population and communities, they continue to borrow at relatively high interest rates.
These debts are some of the many development questions that brought about the just concluded summit for a new financial pact and a transformation of the Bretton Wood initiative which birthed the World Bank.
