Wellington, the capital of New Zealand and the largest city after Auckland with an urban population of close to 400,000 inhabitants, has decided to join the nation’s newly established LGFA. In a press release (link) the Mayor Celia Wade-Brown states that the LGFA ‘will provide lower-cost funding for council projects’. Wellington City Council is one of 17 local authorities in New Zeeland to have invested in the agency (together with the Government that owns a 20% share). In the case of Wellington the investment was $2 million (around 1,700,000,000 USD). Wade-Brown goes on to state that the current economic crisis highlights the importance of having access to affordable funding: ‘The LGFA will increase our options for access to secure long-term funding’. The New Zealand Local Government Funding Agency holds an AA+ by Standard and Poor’s and Fitch, which is the same as the NZ Government.
Update: Wellington Joins the New Zealand Local Government Funding Agency
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Under LGFA New Zealand