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Wednesday, 10 October 2012

Local Funding, 2nd Edition

Deputy Finance Minister Miles Sampa continues to champion his municipal bonds. Last week he suggested that Lusaka City Council needs a municipal bond of about US$500 million for it to operate effectively and meet its obligations. The municipal bond would "not be a Government project but strictly that of the local authority". Mr Sampa says the money will be used to "construct high rise buildings in all the constituencies of Lusaka...we want to build at least 10 high rise flats like Findeco House which will benefit 200 to 300 residents of Lusaka... the council [would buy off] townships like Kanyama, Chibolya and Kalingalinga to create land for construction of high rise flats". The challenges of municipal bonds  as a mechanism of generating local funding is discussed in more detail here

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