|Organization: United Nations Capital Development Fund (UNCDF) United Nations Department For Economic And Social Affairs (DESA)|
|Dakar Municipal Finance Program|
More emphasis needs to be placed on the financing needs of local authorities, especially in Least Developed Countries (LDCs). They are structurally underfunded to match the continuously increasing range of responsibilities, opportunities, and challenges they face, especially in implementing the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs). Therefore, municipalities in LDCs will have to draw upon a wide range of financing sources – public and private, national and international. Furthermore, they require long-term investment in critical infrastructure and better financial management. Participants in this event will share innovative approaches on how LDCs municipalities can overcome the challenges faced on the path towards sustainable development. The event, which aims to link the New Urban Agenda with the Addis Ababa Action Agenda, will further strengthen the understanding of municipal finance in LDCs by presenting key findings from a joint project by UNCDF and DESA on the topic. Some guiding questions are: What is required to formulate “investable” project proposals and how can local authorities strengthen their capacities in project development? What potential do subnational bonds hold in LDCs, where these instruments have not yet been effectively utilized? What is the role for public investment banks, subnational development funds, and national development banks?