According to CoinMeta, World Bank data shows that by 2025, the external debt of emerging economies had risen to a record $9.4 trillion, partly due to the borrowing costs faced by the poorest countries reaching levels not seen in decades. Last year, low-income countries eligible for grants and concessional financing from the World Bank saw an average interest rate of 8.2% on new private loans and an average interest rate of 9.4% on newly issued bonds. In contrast, developing countries with stronger economic strength had an average interest rate of 5.5% on newly issued bonds. The World Bank pointed out that the main challenge faced by many issuers in frontier markets is whether they can afford the financing costs. In 2025, private financing drove most of the growth in the external debt of middle- and low-income countries (excluding China), with net debt inflows increasing to nearly $360 billion.