More than a third of funding for regional expenditures could be covered by new instruments, say analysts of the ACRA rating agency. In 2020, the aggregate capital expenditures of the constituent entities of the Russian Federation amounted to at least 1.8 trillion rubles, more than 600 billion rubles. of these are social and environmental in nature and can be co-financed through the issuance of green and social bonds. “Attraction of extra-budgetary financing for such projects will help to reduce regional expenses. In addition, in the future, the coupon rate on such borrowings may be subsidized, “ACRA said in an analytical note. a year they were released for $ 700 billion, almost twice as much as in 2019. However, only 6.4% of green, 6% of sustainable and 1% of social bonds are issued by local governments. However, the volume of issues of issuers, supported by the government (“government-backed entity”) ….