Lower-income countries are being hit hardest in the current economic environment, but a set of small nations is particularly devastated and will need the help of the international community to generate innovative financial solutions and prevent a reversal in development, World Bank officials told Devex.
It’s a “priority” for the lender to get more assistance to small states and island nations, defined as countries with less than 1.5 million people, according to Ayhan Kose, director of the bank’s prospects group. Many are geographically far from global economic powerhouses, leaving them at a disadvantage, and they often face severe climate challenges.
“Many of them are highly vulnerable to natural disasters, hurricanes, tropical cyclones, floods — you name it,” Kose said. “Small states are small, but they have large problems.”
About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
