TORONTO, Oct. 27, 2023 /CNW/ – During the 4th Urban Economy Forum held back in 2022, it was evident the need to establish a global platform for cities to access financial opportunities to address old and new pressing challenges, while at the same time creating the necessary institutional and social conditions. One year later, this dream was realized during the 5th Urban Economy Forum (UEF5) entitled “For Climate Change, Urban Finance,” which launched the Global Solutions Nexus (GSN).
The GSN is creating a solid global network to establish a connection between local actions and finance for impactful urban transformations. The goal is to gather people, ideas, resources, institutions, and systems to co-create these transformative solutions through creative and collaborative mechanisms for sustainable processes and outcomes.
The GSN will help cities and development partners to identify, select and prepare innovative solutions that have the potential to solve local problems, maximize opportunities, and advance the comparative advantages of cities and regions. These solutions will be possible to be developed thanks to the gathering, exchange and dialogue creation of technicians, academicians, the private sector, and financial institutions with city leaders.
This initiative has three core approaches: Innovation + Collaboration + Sustainability. By strengthening connections in these areas, it can prompt a more general thinking of the city; one that values and mobilizes local resources and assets while at the same time leverages national and international investments. The projects that result from GSN are normally neighborhood interventions that have the capacity to promote a city vision that connects the prosperity and wellbeing of these locations with a broader vision of the urban areas.
Innovation is a way of connecting different project aspects and financial mechanisms that are not explicitly interacting, and thus, reducing the possibilities of higher impacts and results.
Collaboration means bringing together various actors and development partners to identify and co-create urban solutions that are to be connected to innovative financial tools and strategies.
Sustainability can be guarantee by putting in place adequate processes to produce necessary outcomes that are transformative in nature based on agreed principles and standards.
The GSN was launched in the presence of two ambassadors: Khalid bin Rashid Al-Mansouri Ambassador of Qatar in Canada; Carlos Joaquin, Ambassador of Mexico in Canada. Who both expressed interest in further collaboration with the GSN and their countries.
This ambitious initiative requires the involvement of whole-of-society, as indicated by Reza Pourvaziry, Chair of the Urban Economy Forum. “GSN and its affiliates will establish a strong network of partners operating worldwide to collaborate with specific pilot projects and new financial tools under a clear business plan,” said Mr. Pourvaziry.
Eduardo Ortiz Jasso, Director of UEF Latin America and the Caribbean, presented this new initiative at UEF5. “GSN will bring major stakeholders together to boost financial capabilities and investments to create conditions to finance city transformations,” said Mr. Jasso.
Yusuf Amdani, Chairman of GK Global, described the platform as, “A unique platform that will empower cities and nations to evaluate, plan, finance, and have an enduring positive impact on their communities.”
The final product will be the design of a cohesive platform focused on creating specific urban projects with an emphasis on financing, intending to overcome urban challenges and have a positive economic, environmental, and social impact.
Global Solutions Nexus is not just an initiative; it’s a call to action. We invite individuals, businesses, and organizations who share our vision to become part of this transformative journey. Our collaboration will help shape the future of cities, drive sustainable development, and create lasting positive impacts. We welcome everyone to join this mission and be a part of financing today for the cities of tomorrow. Visit our website to explore investment opportunities and learn more about how you can get involved at https://www.globalsolutionsnexus.org/.
Together, we can make a significant difference in the urban landscape and beyond.
For media inquiries: Alex Venuto, Urban Economy Forum, Alex.venuto@ueforum.org
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