Sustainability Bonds Framework

French Local Authorities #1 More than 45 000 local authorities 70% of their investment is self-financed The regulatory framework governing French local authorities is highly stringent : The golden rule Local authorities: • Cannot go bankrupt or undergo liquidation proceedings. Are compelled to balance their operating budget. • May only borrow funds in order to finance their investments. • Must repay debt interests and capital on their own resources. 00 CAFL Lo bonque des collectivités

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