The study focuses on the financing of infrastructure projects using municipal bonds. Originality of the research. The article considers a set of measures designed to activate the process of attracting investment in infrastructure at the municipal level using bonds. The parameters of securities issues of concessionaires were studied, and the experience of managing municipalities with securities as an element of debt policy was analyzed. Research result. The results of the research can be useful both in developing the financial policy of the state management of spatial development at the national and regional levels, and in conducting further research on the activation of the investment process in Kazakhstan at the municipal level.