Cities around the world have been financing their long-term investment needs through municipal bonds for centuries. The first recorded transaction occurred in Genoa in 1150. More recently, in the US, over $111 billion were issued in November and December last year for infrastructure, pension obligations and other critical needs across the country. QUARTZ AFRICA. A bond is a debt security issued by a public agency to raise money, often for infrastructure projects. Sovereign bonds are widely used by national governments, and municipal bonds are used by many cities (particularly in the Americas). Cities in sub-Saharan Africa have raised less than…
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