Harald Hirschhofer

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Using boats to travel across a newly-flooded water area caused by an overflow of Lake Victoria in Kisumu, Kenya. Photo by BRIAN ONGORO/AFP via Getty Images.

Developing countries need external finance on a large scale to meet the sustainable development goals (SDGs), and the COVID-19 pandemic has not only increased the amount they need but also made it harder to access private funding.

This makes public development banks more important than ever, especially to catalyse investments by pension funds and other institutions in socially productive assets.

But to achieve this, they urgently need to address a long-standing blind spot by giving much greater weight to helping developing countries access the risk management tools necessary to protect their finances against global shocks.

Climate change and the increased incidence of pandemics make shocks affecting critical economic sectors, such as commodities and tourism, or the availability of international finance, more likely.…  Seguir leyendo »