UNESCO urges wider use of debt-for-education swaps

UNESCO has urged governments and international lenders to expand debt-for-education swaps to address a worsening education financing crisis. It said 113 countries now spend more on servicing debt than on educating their populations, affecting 6.1 billion people. UNESCO released new guidance at a global education summit in Paris on Friday, arguing that debt swaps can refinance or buy back expensive debt and redirect savings to schools, teacher training, and student support. The World Bank has begun backing such arrangements, with examples including a 2023 deal with France for Ivory Coast school construction and a Spain-Peru programme funding 50 education projects over a decade. UNESCO warned that education aid is shrinking, with projected global assistance falling up to 30% between 2023 and 2027.