Efforts also include hybrid capital instruments and a portfolio guarantee programme that could allow the sovereign to assume risk, freeing up more private investment for poorer nations, Banga told Bloomberg News at G20 meetings in Gujarat.

These could add billions of dollars in lending via capital leverage, while private interest is still early to estimate, he said.

A panel appointed by the Indian presidency of the G-20 estimates that $3 trillion is needed every year through 2030 for issues including debt relief to low-income countries and towards the fight against climate change. A third of that will have to be in external financing, contributed equally by development financing and private capital.

Meanwhile, Pakistan’s financial crisis, caused by a long delay in the $1.1 billion bailout from the International Monetary Fund, is severely hitting its philanthropic sector.

Both public and private sector organisations say budgets have slashed with little money to cover expenses, a threat to the ongoing projects as well as the jobs of staff members.

Shafi Musaddique is a news editor at Alliance Magazine.