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Local Innovations for Growth in Central and Eastern Europe

image of Local Innovations for Growth in Central and Eastern Europe

Local development strategies represent an important response to the challenges of globalisation, while providing a mechanism for seizing the new opportunities that globalisation offers. Nearly two decades after the fall of the Berlin wall, this book evaluates progress made and identifies what needs to be done to speed up the drive towards prosperity in Central and Eastern Europe. It demonstrates that the success of local development strategies depends on the capacity of the government and its partners to accelerate change within the policy and governance aspects of economic and social development.

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Tackling the Problem of Inadequate Financing for Local Development: The Case of Croatia

Local and regional governments everywhere share the problem of inadequate financing. The main revenue source for financing local and regional development projects is the local and regional budget. The revenue sources for capital projects are limited. The solution for local and regional government is to find additional revenue sources for development projects. Most sub-national authorities are unprepared or unable to take on increased responsibilities for fund raising directed to economic development. In order to tackle this challenge, municipalities and cities must gain the skills and information needed to budget for the current and future years; the ability to understand the impact of borrowing on infrastructure – both annual debt service and annual operational and maintenance expenditures – and the ability to identify, prioritise and plan capital investment. Municipalities and cities facing a shortage of investment capital must be able to identify and analyse technical and financial options and show investors that they have adequate and reliable revenues to meet their debt service obligations.

English

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