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Financial Series #1: Enabling Sub-Sovereign Bond Issuances .

Paper | February 28, 2009

This primer, Enabling Sub-sovereign Bond Issuances, provides U.S. government (USG) program designers with a basis of technical understanding of sub-national finance as a sustainable approach to supporting local government infrastructure development and improved service delivery.

Through the Financial Sector (FS) Share task order, the USAID Bureau for Economic Growth, Agriculture, and Trade (EGAT) and Chemonics proactively collaborated with missions to identify financial sector priorities and develop strategies and programs to grow the financial sector. This primer was prepared by Caroline Averch and J. Mauricio Gutierrez of Chemonics with support from USAID EGAT and The U.S. Treasury International Affairs Office of Technical Assistance. This primer emphasizes municipal bonds specifically as an ideal sub-sovereign financing instrument. As such, the primer includes models to consider, lessons learned, and tools to evaluate potential interventions in sub-national finance.