Mayors from Latin America and the Caribbean to Seek New Financing Sources for Cities

The 2023 Mayors Forum will take place in Denver on April 26 in conjunction with the first Cities Summit of the Americas

Approximately 40 mayors from Latin America and the Caribbean will attend the 2023 Mayors Forum, organized by the Inter-American Development Bank (IDB) Cities Network, on April 26 in Denver, USA. The theme of the forum is Financing the Sustainable Development of Cities in Latin America and the Caribbean, with a focus on how local governments can diversify their financing sources.

The Mayors Forum coincides with the first Cities Summit of the Americas, organized by the United States government. During this summit, the IDB will host a plenary session on subnational financing (for states, provinces, and cities). IDB President Ilan Goldfajn will attend both the Mayors Forum and the summit.

Eight out of ten people in Latin America and the Caribbean live in cities, which are compelled to devote more and more funding to infrastructure and services for citizens. In a region especially vulnerable to climate change, cities also face a growing need to invest in adaptation and resilience. The region’s cities also currently depend heavily on transfers from central governments, which provide 56% of their revenue. In light of all these factors, cities urgently need to find alternative financing sources.

"The 2023 Mayors Forum will feature stories of municipalities that have achieved financial sustainability through initiatives other than transfers from central governments, like using land in ways that bring in more tax revenue, accessing financial markets, and attracting private investment."

Media outlets and individuals interested in this event can follow it online at: https://www.youtube.com/watch?v=WS5k3gQhnCU