In many countries decentralised public entities are responsible for undertaking various infrastructure investments required to meet needs at the local level, including utilities, transportation, health, education and environmental protection. To meet their funding needs, these decentralised entities access subnational loan and bond markets.  This policy area addresses mainly the different institutional arrangements in place concerning the strategic and operational autonomy of local governments vis-à-vis central governments as far as the debt policy of the former is concerned. It also discusses the role of central government in coordinating access to capital markets by sub-national governments.