World Association of the Major Metropolises
The Dakar Municipal Finance Program is a critical initiative introduced in 2011 and focused predominantly on raising money for investment projects.
The city formed the Dakar Municipal Finance Program (DMFP) to, strategically, position itself as a creditworthy issuer in the regional market. This goal has been achieved through a comprehensive program including rigorous fiscal training, intensive capacity building, detailed assessments of potential investment projects, and an institutionalization of a participatory process that gives a voice to the urban poor. The successful receipt of a long-term investment grade rating by a third-party ratings agency and, most important, the launch of a 40.000.000 USD bond in the local capital markets will enable the municipality to finance a large market that will benefit the economically active poor. The main goals of the program are increase financial transparency and attractiveness to potential private-sector investors for the City of Dakar, deepen awareness of and responsiveness to the needs of the urban poor through the institutionalization of a process to encourage their participation in project selection and development. Moreover, It present a new financing mechanism in sub-Saharan Africa resulting in a windfall of funds available for capital-intensive projects and in the creation of an instructive manual and informative brochures/ papers/articles to assist other municipalities seeking to replicate the City of Dakar’s successful bond launch. The Program has been successful in meeting each of its milestones as described above.
Due to the management team’s ability to reach each of these targets there is confident that these impacts will be integrated into the city’s ethos for the foreseeable future.