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

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.