On the invitation of GMF, Tom Cochran, Advisor to the World Bank, conducted a training on“ Improving City Creditworthiness and Enhance Public Finance” in Xuzhou, China in April 2014.
Local governments are, most of the time, public service provider. For their investment in sustainable public facilities, they have to diversify their financial options beyond taxation; however, long-term public facility finance is not an alluring investment option for private investors. Enhance the city creditworthiness is one of the fundamental solutions.
The agenda of the City Creditworthiness Academy offers an intense set of training modules ranging from revenue management to climate smart capital investment planning, from debt financing options to the enabling environment for sub-national finance.
Utilizing the High Definition videoconference facility, 8 cites have been connected, including the Beijing (the capital), Shanghai (the financial hub), Shenzhen (the entrepreneurship center), Hangzhou (home to Alibaba), and Chengdu. The 8 cities together have a population of 1500 million. The major participants are city managers and business leaders from the 8 cities.
This training serves as a kick-starter for a series of City Creditworthiness Academy. Partnering with World Bank, GMF strives to achieve visions, including:
1. Improve city creditworthiness, and enhance public finance;
2. Provide Financial options for City Sustainable Development Activities;
3. By building data warehousing and data mining, help local governments to facilitate the local business development by minimizing information asymmetry.
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