Municipal bond markets provide a vehicle to narrow markets (in Italy and Spain) are slowly developing. local governments resource gap through schemes Amongst other developed countries, Australia has also varying from debt funding based on the full faith and created a truly sub-sovereign debt market. credit of sub-sovereign issuers, to revenue bonds secured by the earnings of such projects as water facilities and Municipal bonds have been the primary vehicle for toll roads. This note reviews the main characteristics of financing local infrastructure in the US. They include the US municipal bond markets-the most advanced by general obligation bonds supported by the taxing power any measure of depth and sophistication. A separate note of local governments as well as project revenue bonds by discusses the conditions underlying the development of states and local jurisdictions such as counties and cities municipal credit markets in developing countries.

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I – Introduction


  1. The sorry state of the power sector in Lebanon has become a major impediment to economic development, putting undue burden on the efficiency and cost structure of Lebanese producers. No less dramatically, it still denies Lebanon’s citizens uninterrupted and affordable power supply.
  2. Following numerous studies over the years, technical problems have been largely identified, and solutions developed to expand generation capacity, reduce technical losses in transmission, and improve operations and accountability in distribution. Yet, two decades after the end of the civil war, little has been implemented, while vociferous ideological debates rage as to the optimal way of funding the rehabilitation of the electricity network. In particular a sharp divide runs through the political corpus as to the role of the public sector, and more specifically whether private capital should be allowed in the sector.

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  1. The review of key parameters and determinants of Lebanon’s economy leads to the conclusion that the model that may have served it well for a time is now out of breath – anemic growth, rampant unemployment, widening income gap, rising poverty, loss of human talent, obsolete infrastructure and widespread natural and environmental degradation – and can no longer meet the expectations and vital needs of a stable and prosperous society.

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