Municipal governments operating public infrastructure works

Municipal Bonds in Latin America

Municipal governments operating public infrastructure works

SEPT, 2010 municipal bonds By Patricio Abal There are several reasons for which municipal governments (MGs) would want to build and/or operate public infrastructure works either through their own agencies or through state-owned companies. The literature mentions: public animosity towards private companies operating essential services (e.g. water & sanitation); electoral politics, i.e., a large number of local residents directly or indirectly depending on the government’s budget can translate into a large number of votes; non-competitive returns on investment offered by certain projects; and “social infrastructure” projects. One of the ways to finance said enterprises, particularly the initial capital expenditure, is through the issuance of mediu....

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