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Exploring the economic value of public spaces. Development banks initiatives for financial sustainability and economic resilience

Daniela Cornejo

Moderator

date

Monday, June 27, 2022

16:00-17:30

Is over
place
Multifunction Hall Room 9
organization
Lima Cómo Vamos
country
Peru
language
English
theme
Future urban economy and finance
Reference: 
NE 29

Summary

Public spaces play a crucial role in the creation of social and economic value for neighborhoods, cities, and regions. Despite its potential economic value and the benefits of leveraging it, the rapid urbanization experienced in recent decades neglect its integration in the planning process. The production and management of public spaces have become a major challenge for city governments, especially in low- and middle-income countries. To overcome this situation, authorities are required to implement innovative strategies enabling returns above the initial investment to provide economic sustainability.

During the last decade, Development Banks established a concrete interest in the public space economic dimension, fostering the development of approaches, the elaboration of instruments, and the implementation of successful projects that substantially contributed to the debate around the importance of public space to urban economics. This event brings together Development Banks working on public spaces with the aim of promoting closer relations with the municipal governments of developing countries, presenting its strategic lines of action to facilitate collaboration, and unlocking the public space's potential economic value.

Objectives

1) Introduce the Development Banks approach to the public space and how it contributes to the urban economy, planning governance, and financial sustainability.

2) Showcase Development Banks initiatives (tools and good practices) aiming to enhance the public space's economic value

3) Facilitate communication channels among Development Banks and city governments interested in implementing projects aiming to capitalize on the potential economic value of public spaces.

Session speakers

Speaker
Role
Organization
Country
Mr. Jose Chong
Programme Management Officer
UN Habitat
Mr. Emil Rodriguez
Principal Executive
Development Bank of Latin-American (CAF)
Ms. Mariana Alegre
Founder
Ocupa Tu Calle
Mr. Jon Kher Kaw
Senior Urban Development Specialist
The World Bank
Ms. Hyunji Lee
Urban Development Specialist
The World Bank
Mr Mohamed Nada
Senior Urban Development Specialist
The World Bank
Ms Natalia Urrego Arias
Infrastructure Secretary of Medellín.
Medellin's Town Hall