Endagaano n’amateeka agasooka

Ebikula bisooka by’obusuubuzi bwa kibuga mu Africa bisaliddwa mu kusoma kwa subnational finance okuva mu myaka gya 1960, bwe byali biva mu kitongole ky’ebyobufuzi ebitwala eby’obwanakyewa. Mu bifo bingi, ebyobufuzi bya gavumenti z’ebibuga byatuuka ku maanyi naye okuyambibwa ku nsimbi z’obukulu kwali kulina obuzibu. Mu myaka gya 1990-2000, enkola y’ebisale eby’obusuubuzi ne microfinance byalya ekireeta okwekenneenya omukutu gwa bondi ezikwata ku bibuga. Mu South Africa, emisinde gya municipal bonds gyasooka okulowooza obutale obukuumi n’okutumbula infraestrukture ku biggya bya metropolises. Mu bifo ebirala wansi w’ebweru, emisinde gyebibuga ne gavumenti z’ebitundu byabadde zikwata mu nkola ez’enjawulo ez’ebiseera ebyo.

Mu ngeri y’amateeka, eby’obusuubuzi by’eby’obulamu mu kibuga byajja zwaribwa era nga waliwo okusaba okwennyika okukendeera ku nsimbi nga tax wa property, ebitongole eby’obusuubuzi, n’eby’obuwangwa eby’obutuufu. Abayizi b’eby’ensimbi n’emikutu gy’amawulire bagamba nti okusobola okukola bondi za kibuga mu bifaananyi by’omu Africa kwekubeera n’okukola eby’obutebenkevu, okuggyako kutambula kw’obukugu mu mateeka, n’okufuna enkola eyetegeddwa mu kusindika obulombolombo bw’enteekateeka.

Ebisasuzo bya leero n’emyuka egy’ebweru

Leero, omuwendo gw’okusaba obusuubuzi ku bibuga birina okugenda wansi w’omuwendo ogwa GDP ogw’emizannyo. Ebimu ku birambika ebyawandiikiddwa mu byawandiiko bya World Bank ne AfDB byogera nti subnational borrowing mu Africa gyeyongera nga gavumenti ezibadde zirina okusaba okwongera mu buyambi okuva mu basuubizi b’amazzi, amayumba, n’engeri y’okuwunga. Ekirooto kya COVID-19 kyasooka okukozesa obusobozi bw’amakubo g’obusuubuzi, nga ebibuga ebigasa ku nsonyi byetaaga enkola ez’enjawulo ez’okusuubiza empeereza ku nteekateeka y’obukadde.

Mu myaka egy’omu 2010-2024, ebitundu eby’enjawulo byasuubira okusaba obuyambi okuva mu mawanga agaggwa mu nteekateeka (bilateral) ne multilateral institutions okubasindikira guarantee mechanisms ne capacity building. Mu ngeri y’obusuubuzi, abantu abalala beba abasaasanyizibwa ku masuubuzi ge byonna okubadde okulaga okukola ssente mu bibuga. Ebifaananyi by’ebyobufuzi ebituufu mu South Africa n’ekitongole ky’obusuubuzi mu Nigeria byategekera okutumbula mikutu gya municipal bond ng’okukola credit enhancements, guarantee programs, ne legal reforms.

Enkola y’obusuubuzi: engeri bondi ziteekebwamu

Bondi za kibuga ziteekebwamu mu ngeri ezo: general obligation bonds ziba zinnyonnyola ku katale ka revenue akakkiriza (property tax, service charges) ng’ebirina okuzimba, era ziba zikwata ku ‘munisipal general credit’. Project bonds zibeerawo ezikwatibwako ku biggya bya infrastructure ebyetaaga revenue stream eby’omulembe (ng’okugula amawanga ku maji oba kutuusa ku feesi za toll). Credit-enhanced bonds ziba zino eziganyulwa nga zirina guarantee okuva ku banki enkulu oba ku mulimu gw’obwenkanya okuteeka risk sharing.

Okutegereza obukyafu: eggwanga ly’ebibuga lye lisingako okusalawo ebintu eby’enjawulo eby’obukuumi kubanga waliwo okufuna ebilungi nga revenue base nga property tax system eyaffeere. Enkola eziyamba mu kuyamba emitwalo egisinga kwe ku biro by’ekikugu zikirizibwa mu nsonyi, ng’aba investa bali mu kusaba okwangu. Ebyawandiiko by’obuyinza byogedde nti ‘creditworthiness’ ey’enjawulo eyeetsibwa mu assessment y’okusasula kw’obuwanguzi, eby’obutasobola kusasula (arrears), n’entengeka ya revenue collection.

Enkola y’okutegera ku by’obusuubuzi: obubonero, obuwanguzi n’obuwereza

Okukozesa bondi za kibuga ku nteekateeka y’obulamu kifulumiza obuwanguzi obw’okuwangaanga: eby’obulimi, amawanga g’amazzi, eby’okuteka amaswa. Ab’investor bwebalwana n’omukisa basobola okulaba ku yields ezitundu nga za corporate bonds, nga bazze bayige ku coupon, duration, ne liquidity. Omugaso gwa bondi za kibuga gulimu: okuwa obulamu obutalo obutawandiikibwa ku gavumenti enkulu, okuteeka ssente mungeri ey’omulembe, n’okukendeeza ku nsonyi y’ebyobufuzi eby’ensimbi eby’ekika.

Wabula, waliwo ensonyi: credit risk kubanga obubaka bwa revenue busobola okukyusa; legal risk olw’obutabeera na legal framework ey’olugendo; market risk kubanga secondary market mu bifo bingi mu Africa teyandibwawo; currency risk singa bondi zisindikibwa mu foreign currency; n’obutondawo bwa transparency mu kusasula. Ebiseera bino bisaba obusobozi bw’eby’obusuubuzi, audit, n’obungereza bwa governance.

Enkola ey’eby’okusasula n’okuteekawo engulu ey’obwetaavu

Okuyigiriza ku bondi za kibuga kusaba okugeza ku ngeri ey’okuteekawo engulu ey’obwetaavu: property tax reforms, enhanced revenue collection systems (enumeration, e-payment), ekozi z’okwerinda (cash flow waterfalls), n’okukozesebwa kwa SPV mu kusuubira project revenues ku mateeka. Abatendekeza mu by’obusuubuzi balina okukola credit enhancement mechanisms nga partial guarantees okuva ku banki z’ebyawandiiko oba guarantee funds okuva ku multi-lateral institutions. Abamanyi mu by’obusuubuzi baleeta omugaso ogwa transparency n’okutendeka ku maraga g’omupiira oguyamba ab’investor.

Ebigambo ebyawandiikiddwa mu byayinza okuva mu nkozesa ya World Bank ne AfDB bisaba okusookera ku capacity building mu municipal finance, okukozesa rating agencies, n’okunyweza secondary markets ezitwa ku trading platforms. Mu ngeri y’okukola, ebibuga bino bisobola okuyambibwa ne private-public partnerships (PPP) mu kusindikira obutale obw’obukadde obuzze kugga mu projects ezikulu.

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Enkola ez’amagezi n’engeri z’okukola ku misango gya bondi za kibuga

• Funa essuubi ku creditworthiness: weesigire ku audit reports, revenue base, n’amagezi ag’obusuubuzi aga gavumenti y’ekibuga.

• Leeta kukola mu ngeri y’okulabirira emisolo: e-payment, property registries, n’entegeka ez’okukola ebirowoozo.

• Saagala currency mismatch: suubira bondi mu ssente z’omu kifo (local currency) singa possible, oba suubira hedging ku foreign currency.

• Sera ku structure: londa project bonds singa nnyingi y’ensimbi ewandiikiddwa okuva ku project revenues; londa general obligation bonds singa revenue base eri strong.

• Kola diversify portfolio: tolina kusuula ku bondi ya kibuga emu; wandiika ku durations ez’enjawulo n’emitwalo gy’obuyambi.

• Yiga ku guarantee schemes: yiga nga ziva ku multilateral agencies oba ni private insurers mu ngeri ey’okwewala credit risk.

• Kola due diligence ku governance: ssekirize ku transparency, procurement, n’okukozesa entambula z’essente.

• Tekamu secondary market liquidity: wandiika ku instruments eziri mu trading kapena lamuuza mu funds ezilimu municipal debt mu region.

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Ebigambo eby’eby’okulabirira: enkoko, okufunira abayizi, n’eby’obukulembeze

Abayizi b’eby’ensimbi era abakozi mu by’obusuubuzi bagamba nti bondi za kibuga mu Africa baddala ziriwo obuyambi obusinga obutono, naye nga zifunye okugaziya mu bbanga lya eyinza okuva mu legal reforms. Ebigambo eby’eby’obuwanguzi biraga nti singa ekibuga kitandika n’okutandika obukozi obw’okutwala ensimbi mu ngeri ey’amaanyi, cisobola okuwa ab’investor omukisa ogw’amaanyi. Ebyawandiikiddwa mu ngeri y’omugga ogw’eby’ensimbi byetaaga okulwanyisa corruption, okutendereza transparency, n’okuyambibwa mu capacity building programs.

Mu real-world, emirimu gya municipal bond mu South Africa gyatwalibwa nnyo nga eby’enkomeredde wabula mu mirimu gyo, okwongera ku city revenue base mu property tax collection n’okusasula ssente ku projects byategeerekera okukuuma yields ezikwatagana n’okuteka obulamu. Mu Nigeria, emirimu gya states ne LGAs gyongeza okunnyonnyola okuzaalibwa kwezinsimbi ogwokusasula enteekateeka ennungi.

Enkola y’okwegattako ku investa w’obutereevu

Ab’investor abayingira mu bondi za kibuga balina okulaba ebyawandiiko eby’enjawulo by’eby’obusuubuzi: financial statements, audit reports, revenue projections, n’obukulembeze bwa governance. Bwebalina amaanyi, basobola okukola covenants ezikwata ku project revenues, reserve funds z’obulamu, n’okukola escrow accounts. Funds za mutual ne pension funds ziri mu bifo ebirala eby’obuyambi mu kujjumbira mu municipal bonds olw’obusobozi bwazo okukendeeza ku liquidity n’amaanyi g’okufunamu.

Okusooka okukola risk assessment, investor agomba okulaba ku rating agencies era n’ebikozesebwa nga sensitivity analysis ku revenue streams. Mu ngeri y’obulungi, okutondawo kwegatta n’obuyambi okuva mu multilateral institutions kusobola okuwandiika interest rates nga za affordability ne kukendeeza risk appetite.

Ekiraga mu ngeri y’eby’obulamu: ebikolebwa n’ebyetaago

Okwefuga ku bondi za kibuga kusaba okuwandiika ku byetaago eby’enjawulo: regulatory frameworks ezikolebwa ku subnational borrowing, capacity building mu councils, n’okutendeka ku property registries. Omugaso ogwa bondi guli mu kukendeeza infraestrukture y’eby’obulamu, okutumbula amawanga g’amazzi, n’okuwunga mu by’obusuubuzi eby’amaanyi. Si kimu ku bikadde kubanga omukisa guli mu governance n’okukendeeza ku transparency.

Ebyetaago bino bisobola okubadde n’obulamu obulungi singa ejjanjabi ly’ebibuga liyingira mu nteekateeka eya long-term financial planning, futhi n’okusindika ebibala mu mawanga agasobola okugabiibwa obuyambi.

Ekitundu ky’omwenso: bondi za kibuga si both simple oba complicated; zisaba obukugu mu kuteeka, okutegeera revenue base, n’okukola legal frameworks. Abayizi mu by’ensimbi balaga nti ezi enkola zisinga obuyambi ziva mu kutendeka ku governance, kujja n’obuvune bulungi, era ne capacity building.

Ekyokulabirako, mu kifo eky’omulembe, ebitongole nga World Bank ne AfDB bituuse amaanyi mu kukola programmes agayamba ama local governments okusomoddeza legal frameworks, okukola credit enhancement funds, n’okuwandiika training programmes ez’obusobozi ku by’obusuubuzi.

Ebirambika bino byogera nti bondi za kibuga ziyinza okubeera ekyokulwanyisa ekikulu mu kukula obulamu obutuufu mu bibuga eby’omu Africa, nga ebyo byetaaga obutereevu mu governance, enshonga za policy, n’obuwandiike bwa revenue.

N’okuwandiika mu ngeri y’obugumu, wano waliwo amaanyi ag’obulamu mu kulaga engeri gy’oba investa oba gavumenti zeebifo eby’omu kibuga gye bayinza okukozesa bondi mu kutumbula infraestrukture, naye singa mu ngeri ey’amaanyi ey’amaanyi.

Eby’omeka, enjogera eno kulambula okugezaamu ennaku z’okusaba obuyambi obwenjawulo, era nategeka okugeza ku ngeri abantu abasaasanyizibwa mu nteekateeka y’obusuubuzi bakkiririza ku kukola bondi za kibuga.

Nongera okunnyonnyola nti okulonda bondi za kibuga kusinga kwekubaddewo okwogera ku bbanga lya governance, capacity building, ne transparency mu nsi yonna.

Kubuulira: bondi za kibuga zewandiikibwa mu ngeri ey’okutuukiriza empeereza, naye okusaba okutuuka ku nteekateeka eyita mu kifo kitaaga engeri y’okutumbula, amaanyi ga governance, n’okutendereza ku revenue systems.

Ebijja okusobola okukolebwa nga biggya ku by’obusuubuzi mu bibuga bisobola okuwa abasimbi ab’investor obukugu ku yields ez’engeri, era mu ngeri ey’amaanyi okusitula ekibuga mu mirembe egy’omulembe.

Ebigambo eby’okumaliriza

Bondi za kibugaziyamba okwongera infraestrukture mu bibuga eby’omu Africa, naye zisasula obuyinza ku governance, revenue base, n’obukugu mu nteekateeka. Ab’investor n’aba gavumenti basobola okulaba mu ngeri egatali gumu: credit enhancements, legal reforms, n’okukola transparency. Okugeza ku South Africa ne bifo by’ekika, ebyawandiikiddwa byogera ku kukula kw’emitwalo. Singa oyagala okujjuza portfolio yo n’obusobozi obw’obutereevu, bondi za kibuga ziyinza okuba empeereza ey’amaanyi mu bukadde bwo.