Cisco announces $1bn program for smart city development across the globe

smart cities

Cisco has announced a $1bn program to spur the development of smart cities across the world.

The City Infrastructure Financing Acceleration Program, as it is known, will seek to make it easier, faster and more affordable for cities to fund and adopt technologies that will help to transform their communities.

“Funding is a major stumbling block for municipalities beginning their smart city transformation,” said Anil Menon, global [resident of Cisco’s Smart+Connected Communities.

“With our partners, Cisco will bring the capital and expertise it takes to make smart city projects a reality. Digital Alpha, APG, and Whitehelm Capital bring a fresh perspective on investment in an area that has previously been perceived as too new and, therefore, too difficult to finance,” added Menon.

According to a statement, the funding will be facilitated through Cisco Capital in partnership with Digital Alpha Advisors, a private equity firm.

Pension and fund investors APG Asset Management and Whitehelm Capital will also collaborate.

The news comes after Bill Gates said he would be spending $80m to build a new smart city near Belmont in Arizona (US).