Regulatory Alerts2017-04-01
Added · Updated
Guidelines on the Issuance of Municipal Bonds in Rwanda
The Capital Market Authority of Rwanda issued these guidelines to regulate municipal bond issuance by local authorities, including districts and the City of Kigali. Issuers must earmark proceeds exclusively for urban infrastructure capital investments, demonstrate financial viability through dedicated revenue streams, and establish a trustee-monitored escrow account for debt servicing. The framework mandates comprehensive pre-issuance project planning, land clearance, and structural reforms such as accrual-based accounting and user charge levies, while permitting flexible maturity terms and statutory tax exemptions to enhance market attractiveness.
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