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WEF, UN-Habitat partner to unlock public-private investment in cities

The World Economic Forum (WEF), and UN-Habitat, yesterday launched the Global Partnership for Local Investment (GPLI), to accelerate public-private collaboration and resourcing of urban initiatives that advance the 2030 Sustainable Development and New Urban Agenda.

The GPLI aims to increase the prosperity of 100 cities and 100 million people by 2030.

The new initiative provides a platform for city leaders, business leaders and other stakeholders to collaborate, commit expertise and mobilize action in support of cities and urban economies

Washington DC, Jersey City and Helsinki were recognized at the Forum’s Urban Transformation Summit as part of a new effort to document and scale global best practice on public-private

Head, Urban Transformation, at the WEF, Jeff Merritt, said: “Our cities face a tough road ahead as they look to recover from compounding global crises and continued economic instability.

“Public-private collaboration and co-investment are essential to enable more sustainable, resilient and equitable cities, yet success stories are often difficult to find. As the international organization for public-private collaboration, the World Economic Forum is uniquely positioned to help chart a course forward.”

The GPLI will provide a platform for city leaders, business leaders and other stakeholders to coordinate efforts, commit expertise and mobilize action in support of cities and urban economies.

This includes curating successful models of public-private collaboration that can be scaled globally, building the capacity of local governments and piloting new approaches for joint planning and co-investment.

Public-private collaboration and co-investment are essential to enable more sustainable, resilient and equitable cities, yet success stories are often difficult to find

Forging new partnerships

The Forum will also leverage its annual Urban Transformation Summit to convene global leaders from business and government to bolster trust, forge new partnerships and showcase learning and best practice from around the globe.

UN-Habitat Sub-Programme Coordinator and SDG Cities Lead, Dyfed Aubrey, said: “Over the next 30 years, urban populations are expected to grow by more than 2.5 billion people.

“Financing the infrastructure development needs of small and intermediary cities, as well as large cities, is critical to keep pace with this growth and to ensure this contributes positively to sustainable development.

“The Global Partnership for Local Investment provides a great opportunity to bring together the right actors and the right ideas to elaborate effective solutions to financing cities at scale.”

Infrastructure funding and financing were key themes at this year’s Urban Transformation Summit. The three-day event, held in Detroit, from October 10-12, included 150 global leaders from more than 20 countries.

The summit served as an initial launch-pad for the Global Partnership for Local Investment’s new global task forces on financing resilient and sustainable cities, and spurring innovation through public spending. It also helped to convey public and private relationships, trust, share learning and forge new collaborations.

 The GPLI has already begun developing a library of case studies that identify best practices and lessons learned from real world examples of collaboration.

They will live on a newly developed Urban Transformation Hub that will include city assessment tools, recommended actions and searchable solutions that include innovative finance, innovation districts, and more.

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