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）2025

Overcoming Barriers to Finance for Municipalitiesin Low- and Middle-Income Countries ©2025 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet:www.worldbank.org Some rights reserved. This work is a product of The World Bank. The findings, interpretations, and conclusions expressed in this work donot necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work anddoes not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respectto the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors,denominations, links/footnotes and other information shown in this work do not imply any judgment on the part ofThe World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.The citation of works authored by others does not mean the World Bank endorses the views expressed by thoseauthors or the content of their works. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges andimmunities of The World Bank, all of which are specifically reserved. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge,this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this workis given. Attribution—Please cite the work as follows: “World Bank Group. 2025. Unlocking Subnational Finance: OvercomingBarriers to Finance for Municipalities in Low- and Middle-Income Countries. © World Bank.” Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, TheWorld Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; email:pubrights@worldbank.org. Figures, Tables, and Boxes4Figures4Tables5Boxes5Executive Summary6Acknowledgments12Acronyms121.Introduction: The Development Challenge131.1.Problem statement and rationale131.2.Objectives, scope, and methodology142.Current Position: Municipal Debt and PPPs172.1.Municipal borrowing: trends and observations172.2.Public Private Partnerships: trends and observations222.3.Summary273.Analysis of Key Constraints293.1.Analytic framework for the demand and supply of repayable financefor municipalities293.2.Analysis of key constraints to expanding repayable finance:applying the framework33A. Demand-side constraints33B. Regulatory constraints38C. Supply-side constraints414.Addressing the Challenge454.1.General perspective: A spectrum of readiness for financing454.2.Proposals for national and municipal governments47A. Demand-side actions50B. Regulatory actions52C. Supply-side interventions54D.Broader actions for market development: building the case,facilitation, information dissemination554.3.Role of development partners56A. Support to national governments and national programs56B. Direct support to municipalities574.4.Conclusion and way forward58Annex 1: Municipal Outstanding Debt Stock in Five Focus Countries59Annex 2: Information on Municipal PPPs in PPI Database62References65 Figures Tables Boxes Executive Summary 1.Introduction and Context Municipalities in low- and middle-income countries (L&MICs) confront financingneeds that greatly exceed available flows.Investment needs for urban infrastructurein L&MICs amount to approximately 2 to 4 percent of combined L&MIC GDP eachyear. Current investment flows are only a small fraction of these needs, with the overallfinancing deficit likely in the range of 1 to 3 percent of GDP. These needs cannot be met from existing public and international development sourcesalone.Currently, most investment in municipal infrastructure is financed directly frompublic fiscal sources. To increase investment flows more in line with needs, much greateruse of private and repayable financing will be required. This report is intended to address this development challenge.It provides a snapshotof the volume of finance flowing to municipalities in developing countries, showing thatsuch flows have been extremely restricted in recent years. It then identifies the chieffactors that contribute to such low levels, and offers recommendations for municipalities,national governments, and development partners to address these constraints. 2.The Lay of the Land: Recent Trends in Financing for Municipalities inL&MICs Municipalities in L&MICs currently mobilize very limited repayable finance for theirinfrastructure needs.Municipal debt is rarely above 2 percent of GDP in L&MICs, andmost L&MIC countries have no meaningful municipal borrowing at all (seeFigure 1). Inthose L&MICs where municipalities are allowed to borrow, borrowing tends to be fromgovernment financial institutions (G