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Interview

Excessive debt is burden on global economy, World Bank head

Malpass demands 'transparent loans' from China, other lenders

World Bank President David Malpass stresses on the need of transparency of China's lending to developing countries

TOKYO -- Surging debt in low-income countries is dragging on the global economy, the World Bank president told Nikkei in a telephone interview, while also warning that loans to developing nations should always be transparent.

David Malpass took aim at nondisclosure agreements on debt contracts from countries such as China, saying such secrecy could distort the process of making loans. He also noted that the World Bank will expand funding for climate projects as the global push toward decarbonization gathers pace.

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