World Bank may write off developing states' debts

Kristalina Georgieva, director of World Bank's Environmental Department, said the bank was considering an opportunity to write off part of debts of developing countries in exchange for obligations to protect environment. Speaking at the press conference in Bishkek on the results of the Global Mountain Summit, she said that the forum participants discussed this opportunity, and several countries, including Kyrgyzstan, put forward such a proposal to the World Bank. The bank already has a similar experience, acting as an intermediary during negotiations between the developing states and global financial institutions or donor countries. "However, in order to cancel the debt in exchange for environmental protection, the state needs to have a political interest and readiness to use the funds for ecological projects. Besides, donors must have a guarantee that the mechanism of use of funds will be transparent," she said. Representatives of more than 60 states participated in the summit, including 26 governmental delegations, among which was Uzbekistan. The meeting discussed issues related to solution of economic, environmental and political problems of countries located in mountainous areas, as well as international assistance to them.