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.
