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

Investment Rating - The report does not explicitly provide an investment rating for the industry but highlights significant financing needs and constraints for municipalities in low- and middle-income countries (L&MICs) [13][41]. Core Insights - Municipalities in L&MICs face financing needs that exceed available investment flows, estimated at 2-4% of combined L&MIC GDP annually, with a financing deficit of approximately 1-3% of GDP [13][38]. - Current investment in urban infrastructure is primarily funded through public fiscal sources, necessitating greater use of private and repayable financing to meet investment needs [14][38]. - The report identifies key constraints to municipal financing, including demand-side issues (low revenues and poor financial management), regulatory barriers, and supply-side limitations [21][25]. Summary by Sections 1. Introduction: The Development Challenge - Municipalities in L&MICs require substantial investment to address urban infrastructure needs, with estimates suggesting a need of USD 0.9-1.9 trillion annually [37][42]. - The financing gap is significant, with current flows only a fraction of the required investment [38][39]. 2. Current Position: Municipal Debt and PPPs - Municipal borrowing in L&MICs is limited, with debt rarely exceeding 2% of GDP, and most borrowing concentrated in a few larger cities [16][17]. - Municipal PPPs represent only 2% of total PPP investment value from 2015-2023 in L&MICs, indicating low mobilization of private finance [16][17]. 3. Analysis of Key Constraints - Demand-side constraints include low municipal revenues and weak project execution capacity, limiting creditworthiness [22][23]. - Regulatory constraints restrict borrowing capabilities, with examples from Brazil and India highlighting the need for clearer frameworks [23][24]. - Supply-side limitations stem from underdeveloped local financial markets and reliance on government financial institutions [25]. 4. Addressing the Challenge - Recommendations include improving municipal borrowing frameworks, enhancing local financial management, and strengthening the funding base for municipalities [30][31]. - Development partners are encouraged to provide technical assistance and capacity-building support to enhance access to repayable financing [33].