The Clinton Global Initiative and the U.S. Conference of Mayors have launched the Infrastructure Financing for Cities Task Force, which is intended to support mayors in attracting investment into public infrastructure projects.
Former president Bill Clinton will help lead the effort, and Chicago Mayor Rahm Emanuel will serve as chair of the task force. Peter Orszag, vice chairman of Global Banking at Citigroup and former director of the White House Office of Management and Budget, and Lois Scott, CFO of the city of Chicago, will serve as advisors.
So far, 17 mayors with a combined constituency of more than 17 million people have joined the IFC Task Force. The mayors will explore solutions to current obstacles to public infrastructure investment, look at existing models of leveraging private capital to finance projects such as road and water system improvements and consider innovative investment models such as the creation of an urban infrastructure bank.