U20 proposes setting up Global Urban Resilience Fund

The U20, a G20 engagement group, announced that it is working to establish the Global Urban Resilience Fund to help the urban communities deal with the consequences of coronavirus pandemic as well as any future challenges.

The first-of-its-kind fund is being set up by some cities for the benefit of urban communities around the globe.

“We have the opportunity right now to learn from the impact of COVID-19, to study how to build cities which are more resilient and agile,” said Fahd Al-Rasheed, president of the Royal Commission for Riyadh City.

He added that the U20 has taken the lead to develop a fund helping cities combat the pandemic and mitigate any future urban shocks.

The fund comes in response to the findings of the U20 Special Working Group (SWG) on COVID-19, which was established by the U20 Chair city, Riyadh, in coordination with co-chair cities Rome and Buenos Aires.

“The challenge of our times is the fight against the pandemic. A struggle that is not only a challenge to restore the best health conditions; but, more, it is remedying the economic consequences of the pandemic,” said Mayor of Rome Virginia Raggi commented.

Meanwhile, Mayor of Buenos Aires Horacio Larreta, said that local government budgets will not be enough to carry out the sustainable urban reconstruction and job creation that will need to take place in the coming years.

The fund will mainly provide financial products and instruments including grants and loans to cities while providing new opportunities for investors.

The U20 will announce further details about the fund’s mechanism at the end of this year.