Ahmedabad issues municipal bonds to implement green projects

This case study showcases the city of Ahmedabad’s experience in successfully raising funds through municipal bonds to finance climate-resilient urban development. Cities in India are turning to financial instruments like municipal bonds to raise money from the market to fund urban development, incentivised by the easing of rules governing bond issuance. In January 2019, Ahmedabad, the largest municipal corporation in the state of Gujarat, raised about $26,2 million for ‘green projects’ by issuing municipal bonds. The municipality aims to use the funds for waste management, water supply and other infrastructure projects, including the cleaning of its Sabarmati River.