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resources come from appropriated funds of the central government, but such resources are sufficient enough only for sustaining the daily operation of the Municipal Government and there is hardly any funding left for supporting innovative activities and programs. Financial resources for innovative programs mainly come about in forms of bank loans or lending by foreign
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foundations. It is therefore a novel and creative attempt to access the capital markets to acquire funding for the DMFP. Because of the novelty of the bond insurance process, the DMFP has enabled the leadership of City of Dakar to enhance its strengths in the following ways: (1) amplifying the voice of the urban poor through the institutionalization of the public participation process; (2) developing a long term strategic complying with the strict accountability
plan; (3) developing a comprehensive
and transparency demands of the bond
communication campaign to disseminate
market; experimenting with a new fund-
the city’s strategic plan and to encourage
raising tool; planning and building a new
investment in the future of the city
central market with guaranteed access by
through the purchases, on a retail basis,
poor street vendors in a strategic location;
of bonds at primary issuance; (4) building
building the capacity within city hall
capacity through intensive training in
to become creditworthy through good
financial management, transparency
governance, sound financial management
and good governance; (5) purchasing
and public participation.
technology for enhanced financial
The bulk of Dakar City’s financial
tracking and budget forecasting.