Outcome bonds, impact bonds, social bonds, sustainability-linked bonds and mobile retail bonds each solve a different financing problem. Five countries show how.

Kenya has pushed its dollar debt further out, at 9.5 per cent. As the IMF and the World Bank meet in Bangkok, the better trade is cheaper debt with the Living Line written into it.

A regional vehicle seeking up to US$250 million now exists. Barbados alone needs US$11.6 billion by 2035. The bond will be judged by the projects ready to fill it.

Developing nations paid their creditors $741 billion more than they received in three years. The instruments that turn debt into development already exist, and each has been used.