Districts should consider municipal bonds issuances as an alternative avenue to raise affordable finance to fund development projects that will help the country become self-sustaining.

However,  Kampeta Sayinzoga, the secretary to the Treasury, said  districts will not be allowed to issue municipal bonds unless they are credited and rated by reputable firms.

To qualify for bonds issuance, the local authorities must also first ‘clean’ their books of accounts for at least three years, added Sayinzoga, who doubles as the permanent secretary at the Ministry of Finance and Economic Planning.

Sayinzoga was speaking during an awareness workshop on municipal debt financing in Kigali last week. The seminar was attended by 30 mayors.

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