This work was originally developed for UNESCO in partnership with Development Finance International (DFI)
As part of UNESCO’s #FundEducation series, I supported UNESCO to explore the potential of debt-for-education swaps as a complementary innovative financing tool to help unlock predictable, multi-year funding for education. The research has resulted in a set of guidelines that can support policymakers and development partners to implement debt swaps, building on lessons learned from case studies.
Technical guide
Low- and lower-middle-income countries are facing a deepening debt crisis that is squeezing education budgets and threatening progress toward SDG 4. In many countries, debt servicing now far exceeds education spending, forcing governments into cycles of high-cost borrowing that crowd out essential services. Debt-for-education swaps are emerging as a promising tool to unlock predictable, multi-year funding while easing fiscal pressure. Yet, education actors are often excluded from debt negotiations. This technical guide helps countries align debt relief with national education priorities and strengthen cross-ministerial collaboration.
Gail Hurley 
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