G20 IWG Meeting discusses financing ‘Cities of Tomorrow’

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The workshop discussed how the cities of tomorrow must tie together their key administrative functions – their planning, funding, and financing – to increase private sector participation…reports Asian Lite News

With discussion on the flagship theme of “Financing Cities of Tomorrow- Inclusive, Resilient and Sustainable”, amongst others, the first G20 Infrastructure Working Group meeting under India’s G-20 Presidency concluded on Tuesday.

Officials said that the meeting included discussions on various facets of making cities economic centres of growth, financing urban infrastructure, building future-ready urban infrastructure, the role of cities in meeting sustainability targets, directing fiscal investments for unlocking private financing for energy-efficient and environmentally sustainable infrastructure and mitigating social imbalances.

The meeting also discussed other important themes, such as exploring ways to collate the data on infrastructure spending and make the data useful for the private sector.

The meeting was attended 64 delegates from by 18 member countries, 8 guest countries and 8 international organisations. The G20 IWG discussed the 2023 Infrastructure Agenda under the Indian G20 Presidency.

On the side-lines, the Pune meeting was also complemented by a High-Level Workshop on “Financing of Cities of Tomorrow” wherein over 15 international experts discussed the issues related to financing of the cities.

The workshop discussed how the cities of tomorrow must tie together their key administrative functions – their planning, funding, and financing – to increase private sector participation.

Divided into three inter-related sessions, the workshop focused on the infrastructure, and related technical and managerial capacity needed to build the Cities of Tomorrow. It also discussed how cities and higher governments could prepare themselves to increase private financing for Cities of Tomorrow, said officials.

During the IWG meeting, the delegates also had the opportunity to experience the rich cuisine, history, and culture of Pune. Overall, the delegates not only had productive meetings but also enjoyed the cultural experiences that Pune had to offer.

The second meeting of the Infrastructure Working Group is scheduled to be held in Visakhapatnam, Andhra Pradesh, on March 28 and 29.

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