Brief on Municipal Bonds

   According to DESPRO’s research, the main sources of financing for 
   the development of communal infrastructure are usually local budgets, 
   and rarely regional or state budgets. External borrowings in the form of 
   loans from domestic banks and international financial institutions, 
   although present in the financing system, are accessible to larger cities
   only. The emission of municipal bonds has only happened periodically 
   and in a non-systemic manner, and has not played a role in borrowing
   for the development of local community infrastructure.
   DESPRO has been actively involved since mid-2017 to promote both 
   local borrowing mechanisms among the stakeholders and the public, 
   with a view to influence the development of the regulatory environment
   in this area.

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