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Role of Financial Intermediation for Local Governments
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Market-based financial intermediaries include municipal development funds, bond banks and generally involve pool financing arrangements for local infrastructure investments. In this topic, there is a need to outline the criteria and conditions necessary to establish under commercial principles, self-sustaining financial intermediaries as a means to raise private resources to finance local investments. Lending to local governments for viable, revenue-generating projects would be accomplished in leveraging the intermediary's equity funds through bond issuance in domestic credit markets.
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