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The funds will support activities that can enable more countries to engage in and benefit from the evolving digital economy.

The pandemic has, however, resulted in mixed fortunes for some e-commerce companies, reversing the profits of firms offering services such as ride-hailing and travel.

Switzerland replaced the Netherlands at the top of UNCTAD's Business-to-Consumer E-commerce Index 2020, which ranks 152 countries on their readiness to engage in online commerce.

New funding will boost efforts to help developing countries better manage soaring debt levels and the resulting economic vulnerability, particularly in the aftermath of the coronavirus pandemic.

The biggest drops occurred in developed countries, cutting across all major forms of foreign direct investment.