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and democracy can be seriously
underwriter of the DMFP, providing USD
considered as a viable pathway to
$5.5 million over 4 years), United States
improve people’s livelihood, but in
Agency for International Development
many cases, this pathway often leads
(to act as the bond’s guarantor and as a
nowhere. This has been the path taken
donor, subsidizing the transaction costs
by a number of countries in Asia, Africa
associated with the bond issuance by
and Latin America after their declaration
USD 1 million), Moody’s Ratings and
of independence. The elites in these
Bloomfield Ratings (the city’s external
countries have attempted to follow the
ratings agencies), and CGF Bourse (the
model of Western-style democracy,
financial intermediaries to the local
aspiring to boost people’s quality of life
market regulators). Institutional parties
through the democratization processes,
include the Cities Alliance (to provide key
but most of such endeavors ended up
technical expertise and knowledge and
failing to catapult their countries onto the
the task manager for the Bill & Melinda
track of economic prosperity.
Gates Foundation), the World Bank /
Third, cooperation leads to a win-
PPIAF (to assist in scoping of the city’s
win outcome. The City of Dakar, as
financial strengths and weaknesses as well
the lead agency and umbrella for the
as the optimization of the city’s taxes), the
DMFP, has engaged other parties, both
French Development Agency (to analyze
private and public, to assist at various
the city’s financial abilities and act as the
points. These parties include the Bill &
city’s first lender) and the CREPMF (the
Melinda Gates Foundation (the primary
local market regulatory body).