2025-05-13-世界银行-解锁国家以下各级财政_克服中低收入国家市政融资障碍（英）_68页_5mb

Summary

This report examines the barriers to financing for municipalities in low- and middle-income countries (L&MICs). Municipalities face significant challenges in accessing repayable finance for urban infrastructure investment, with a financing gap estimated at 1-3% of GDP. Current repayable finance flows are extremely low, concentrated in a few large cities, and dominated by government financial institutions (GFIs).

Key Constraints

• Demand-side: Low municipal revenues, poor financial management, weak absorptive capacity, and constrained intergovernmental fiscal frameworks limit municipalities' ability to attract finance.
• Regulatory: Restrictive borrowing rules, unclear PPP frameworks, and weak enforcement hinder investor confidence.
• Supply-side: Dominance of GFIs, limited competition, and distortionary subsidies constrain market development.

Proposed Actions

• National Governments:
  • Strengthen fiscal transfers and own-source revenue assignments.
  • Reform borrowing and PPP frameworks to manage risks and improve creditworthiness.
  • Use supply-side interventions strategically to catalyze private investment while minimizing distortions.
• Municipal Governments:
  • Enhance own-source revenues, financial data quality, and project preparation capacities.
  • Build financial expertise to engage with private investors.
• Development Partners:
  • Support national reforms, capacity building, and targeted assistance to high-potential municipalities.
  • Facilitate information sharing and technical support for transaction preparation.

Recommendations

• Address systemic demand-side constraints by strengthening municipal revenue bases and financial management.
• Reform regulatory frameworks to balance fiscal risk management and market access.
• Leverage supply-side interventions carefully to develop the municipal finance market, ensuring they complement rather than crowd out private capital.