Plan for debt-for-risk reduction swap adopted at Global Platform 2009
Source(s):
Inquirer.net, Philippine Daily Inquirer
A proposal for debt swaps was adopted on Friday by parliamentarians attending the Global Platform 2009 in Geneva, as a creative solution to raise funds for disaster risk reduction programmes.
“It’s a new concept adopted at the UN Global Platform on DRR. This is the easiest because no new funds, financing or resources, are needed. This is a creative way of paying for debt and it’s a creative collaboration between the developed and poor developing nations. In this effort, nobody loses, humanity wins,” said Senator Loren Legarda, the United Nation’s International Strategy for Disaster Reduction (UNISDR) champion for disaster risk reduction and climate change adaptation in the Asia Pacific region.