The Securities and Exchange Commission (SEC) and the United Nations Capital Development Fund (UNCDF) have announced their joint initiative to hold a national stakeholder workshop in Lusaka. The workshop aims to explore the potential of sub-national revenue bonds as a viable financing solution for local development. The Ministry of Local Government and Rural Development will grace the event, fostering dialogue and collaboration among key stakeholders, with the establishment of a National Task Force for Revenue Bonds on the agenda.
As the need for financing local development gains prominence, exploring alternative funding options has become critical for bolstering Zambia’s economy. In line with the Addis Ababa Action Agenda and the Doha Programme of Action for the Least Developed Countries (2022-2031), there is an emphasis on mobilizing financial resources, both public and private, to support sustainable development. In this context, the recently launched Capital Markets Master Plan (CMMP) underscores the potential of the domestic capital market as a viable source for financing Zambia’s development, providing a valuable entry point for further collaboration with partners and stakeholders, including the government.
The forthcoming workshop aims to raise awareness about the merits of local currency revenue bonds for municipalities and sub-national entities. It highlights their potential as a financing alternative for local authorities to undertake vital development projects.
Scheduled to take place on July 24th and 25th, 2023, at the esteemed Pamodzi Hotel in Lusaka, the one-and-a-half-day workshop will assemble cooperating partners, municipal authorities, and senior government officials responsible for the bond issuance process or making significant contributions to it.
The workshop is designed to be an essential platform for fruitful discussions, knowledge sharing, and collaborative efforts among stakeholders representing various sectors. Participants will have the unique opportunity to contribute their expertise and insights, shaping the discourse, and playing a vital role in the successful implementation of revenue bonds as an effective financing mechanism for local development projects.
As Zambia strives to chart a sustainable and inclusive development trajectory, the SEC and UNCDF recognize the pivotal role of sub-national revenue bonds in achieving these objectives. The workshop seeks to harness collective efforts and foster partnerships that will drive progress, enabling local authorities to carry out transformative projects that positively impact communities across the nation.