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Local Government Investments and Access to Markets
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The topic "Local Government Investments and Access to Markets" focuses on programs and projects that enhance local government potential to mobilize private resources including domestic credit, and on alternative funding schemes for large capital investments. The programs outline the type of debt instruments used to fund local investments (revenue or general obligation bonds) including project financing schemes and credit enhancement structures that would diversify risks and increase market acceptance of municipal debt. The programs also describe the characteristics of the bond issuance process, bond registration and secondary market trading, analyze the pros and cons of having municipalities accessing the credit market, and define the framework that needs to be in place to improve fiscal balance at the national and subnational level. The programs also examine issues related to the regulatory environment and the driving forces behind local government access to the capital markets.
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