Developing nations to get World Bank data boost

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on  Mar 25, 2024
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  • Speaking at the China Development Forum over the weekend, Ajay Banga promised new data from the World Bank.
  • It's purpose would be to secure more foreign investment for developing nations, said Banga.
  • The new information will focus on debt defaults and recoveries for various emerging markets.

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On Sunday 24th, the 2024 China Development Forum kicked off in Beijing.

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The annual conference focuses on opening the annual dialogue between Chinese government, global businesses, academia, and international organisations.

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Of particular interest was an address by president of the World Bank, Ajay Banga, during the forum’s ‘Symposium on momentum and prospects of China’s continuous development’.

According to Banga, the World Bank will soon begin to publish more of its data for developing nations than it has previously, in an attempt to attract more foreign direct investment into these nations.

Particular countries were not named, but Banga said that the new information would be published as soon as next week, in time for April 2024.

Debt defaults in the spotlight

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Specifically, the World Bank’s new data will be focused on recovery data, including sovereign defaults or debt defaults and recoveries by country, as well as private sector default data in these nations.

The purpose of this, said Banga, was to secure more foreign direct investment for these emerging markets – presumably specifically from China.

All this contributes to one goal: getting more private sector capital into developing economies to drive impact and create jobs.” 

Hopefully, China has the proverbial cheque book out.

CNY Asia Economic World