Cisco has introduced the City Infrastructure Financing Acceleration Program (CIFAP) whereby Cisco Capital will provide $1 Bn fund for smart cities.
The smart city fund is aimed to make it easier, faster and more affordable for cities around the world to fund and adopt technologies that will transform their communities.
The funding will be provided through Cisco Capital in partnership with private equity firm Digital Alpha Advisors and pension fund investors APG Asset Management (APG) and Whitehelm Capital.
Anil Menon, Global President of Cisco’s Smart+Connected Communities said, “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.”
The program helps cities assemble the right type or suite of finance instruments to fund and deploy innovative technology with minimal initial investment. Whether a city is looking to reduce energy usage, ease traffic and parking, or boost public transportation ridership and revenues, the program will help cities with solutions.
Revenue-share financing, for instance, even allows a city to tie financing to desired outcomes and extend future operating budgets through revenue streams from the new services that a digitized infrastructure makes possible.
Additionally, today at the Smart City Expo World Congress, Cisco is announcing added functionality to its newly renamed connected digital platform, Cisco Kinetic for Cities, which integrated with the Cisco Kinetic IoT data platform. The new features provide enhanced support for public safety.
Cisco has also announced new purchasing options for Cisco Kinetic for Cities, including prepackaged starter solutions, which combine the Cisco IoT data platform, solution, and services with those from our ecosystem partners into ready-to-roll-out, end-to-end solution suites.