In developing and transition economies, the combined effect of decentralization and urbanization has increased demand on local governments to provide and finance public services. Against this background, tight fiscal policies have constrained budgetary transfers from central to local governments. Competing claims for scarce budgetary resources have resulted in large funding gaps for local infrastructure investments. Private capital will be required...
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Specialized financial intermediaries for local governments: a market-based tool for local infrastructure finance (English). Infrastructure notes ; no. FM-8d Urban Washington, DC: World Bank. http://documents.worldbank.org/curated/en/338161468779693859