According to the World Bank report on Sunday, this year developing countries could face a financing gap of $270 billion to $700 billion as trade income drops and rich nations vie for capital to deal with a global slowdown.

"Should a more pessimistic outcome occur, unmet financing needs will be enormous," said the World Bank in a paper prepared for meetings of the G20 group of countries in London in April.

The bank, which spends billions of dollars annually fighting poverty in developing countries, said that well over $1 trillion in emerging market corporate debt and $2-3 trillion in total emerging market debt will mature in 2009, the majority of which mirrors claims of major global banks extended cross-border or through affiliates and branches in up-and-coming markets. East Asia is expected to be the worst hit market because it houses most of the exporters.

According to the World Bank, only a quarter of the most vulnerable countries have the ability to finance measures to reduce the impact of the recession.

"The challenge facing developing countries is how, with fewer resources, to pursue policies that can protect or expand critical expenditures, including on social safety nets, human development and critical infrastructure," said the World Bank.