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139. We will support the creation of robust legal and regulatory frameworks for sustainable national and municipal borrowing, on the basis of sustainable debt management, supported by adequate revenues and capacities, by means of local creditworthiness as well as expanded sustainable municipal debt markets when appropriate. We will consider the establishment of appropriate financial intermediaries for urban financing, such as regional, national, subnational and local development funds or development banks, and including pooled financing mechanisms, which can catalyse public and private, national and international financing. We will work to promote risk mitigation mechanisms such as the Multilateral Investment Guarantee Agency, while managing currency risk, to reduce the cost of capital and to stimulate the private sector and households to participate in sustainable urban development and resilience-building efforts, including access to risk transfer mechanisms.


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