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Cities are a driving force of the 21st century. Through bringing large numbers of people into close proximity, they spark economic growth, foster innovation, and generate prosperity. But they face the pressing challenges of creating a livable environment for their residents, enabling economic activity that benefits all citizens, and fostering urban development that is environmentally sustainable, equitable, and resilient to disruptive forces. Particularly urgent is the need to finance this development: to achieve the Sustainable Development Goals, an estimated $3 trillion to $4 trillion is needed annually. In an increasingly urban world, cities play a pivotal role in closing this financial gap.
This publication draws on the expertise of many public, private, and multilateral institutions.
City leaders are encouraged to use this publication as a handbook on local government financial and fiscal systems.