Wechua Development Bank
The Wechua Development Bank (WDB) is the government bond issuer, intragovernmental bank, fiscal agent, and financial advisor of the Government of the Wechua Nation.
The bank, along with its subsidiaries and affiliates, serves as the principal entity through which the Wechua Nation channels its issuance of bonds. As an overview, the different executive agencies of the government of the Wechua Nation and its government-owned corporations either issue bonds with the bank as a proxy or owe debt to the bank itself (as the bank is a government-owned corporation as well).
History
The Bank was the brainchild of Prime Minister Vicaquirao Alvarez. The creation of the bank was a key point in the economic program that was passed through the Council of the Realm. The economic legislative package included creating a bank that would serve as an institution in charge of economic development for the Government of the Wechua Nation. A subsequent law expanded its responsibilities to include serving as the fiscal agent for, and financial advisor of, the government. The highly centralized government structure set up by Alvarez required such a fiscal agent, contrary to the model followed by most countries in which each agency and political subdivision is responsible for issuing its own bonds.
During its formative years, the WDB helped financially structure many of the nation's water and electricity utilities. During its first five years, the WDB financed infrastructure development, particularly the development of low-cost housing and the construction of public transport projects. The WDB also spurred the growth of the private sector, financing Wechua's first condominium buildings in the cities of Parap and Rimarima, as well several of its first shopping centers built in 1678, when many private banks were reticent in assuming such ground-breaking risks.
An Autokratorial Decree of the Autokrator of Constancia bearing date 19.IV.1679 authorized it to accept deposits or to otherwise maintain custody of funds of the Imperial State of Constancia, its Government, and its instrumentalities, with prior approval from, and subject to subsequent rules issued by the Office of the Autokrator.
Organization
Bonds issued by the Wechua Development Bank and its subdivisions are exempt from taxes. Wechua bonds uphold such exemptions regardless of where the bondholder resides. This has made Wechua bonds extremely attractive in national and international bond markets.
Affiliates and Subsidiaries
| Entity | Common name | Type | Responsibility |
|---|---|---|---|
| Authority for the Financing of the Infrastructure of the Wechua Nation | AFI | Affiliate | Infrastructure |
| National Children's Trust Fund | NACTF | Affiliate | Childhood improvements, construction of schools, nurseries, and financing for private entities on child and mother health care. |
| Housing Finance Authority | HFA | Subsidiary | Housing construction, subsidies, and ownership incentives. |
| Public Financing Corporation | PFC | Subsidiary | General obligation bonds. |
| Public-Private Partnerships Authority | PPPA | Affiliate | Public-private partnerships. |
| Tourism Development Fund | TDF | Affiliate | Tourism and hotel industry. |
