As companies look to shift towards more environmentally sustainable modes of operation, transition bonds are increasingly being seen as a key financial tool for those operating in fossil fuel or heavy-polluting sectors.
The Middle East
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With Saudi Arabia's flagship Red Sea tourism project securing $3.8bn in green financing, various governments in the Gulf region are looking to new, alternative tourism models to drive their pandemic recoveries, with an emphasis on ecological options and "staycations".
Economic update | Report: How Kuwait balanced domestic priorities and support for developing economies during the pandemic
17 May 2021
Kuwait entered the pandemic in a relatively resilient position thanks to strong fiscal buffers, favourable demographics and an advanced health care system that benefitted from sustained investment that was proportionally higher than many of its wealthy GCC peers.
Economic update | A global corporate tax rate: will it help or hinder developing nations’ Covid-19 recovery?
13 May 2021
During last year’s US presidential campaign, Joe Biden promised to crack down on tax-evading multinationals, and he has now called for a global minimum corporate tax rate. However, some fear that President Biden’s plan may hinder developing economies’ Covid-19 recovery.
Most developing markets took a significant economic hit during the pandemic, while many traditional channels of lending have tightened. In this light, special drawing rights (SDRs) are emerging as an important tool available to governments to fund their Covid-19 responses and recoveries.
Economic update | What are development banks doing to help emerging markets build back better?
29 Apr 2021
As a result of the economic fallout of Covid-19, emerging economies across the world are grappling with numerous challenges, including cash flow crises, the risk of prolonged recession and debt default. Many are looking towards development banks to help get their sustainable recoveries under way.