Debt-for-Climate Swap Deal Will Reduce Nigeria's Debt Burden, Says Osinbajo leadershipNGA: Nigeria
The idea, described as fresh thinking in Washington D.C by senior American government officials last week, is already receiving positive reviews even as VP Osinbajo explained the potential for significant debt cancellation for African countries.
He also described the idea as a Climate Change related financing instrument deserving of global consideration as it is a win-win proposal. Responding to the Debt-for-Climate proposal, the Administrator of USAID told the Vice President that the idea was"fresh thinking that is very exciting," adding that the US was open to such new thinking even though it would require the full policy review of the American Government.
Prof. Osinbajo in his CGD speech explained that the"debt for climate swaps is a type of debt swap where bilateral or multilateral debt is forgiven by creditors in exchange for a commitment by the debtor to use the outstanding debt service payments for national climate action programs.
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