Today, City of Chicago Mayor Rahm Emanuel announced the launch of the Chicago Infrastructure Trust, an innovative new fund for infrastructure projects, of which Citi is a founding partner.
“Citi is proud to collaborate with the City of Chicago on this exciting public-private partnership,” said Vikram Pandit, CEO of Citi. “We are united in our efforts to spur job growth and support economic development in the United States. Chicago has taken a position as a national leader in addressing the crisis posed by deteriorating public infrastructure. At Citi, we are committed to helping preserve and revitalize Chicago and other cities across the country.”
Chicago Mayor Rahm Emanuel launched the new Trust with former President Bill Clinton with an initial investment capacity in excess of $1 billion and interest from participating financial institutions including up to $400 million in investment capacity from Citi. Additionally, the Chicago Infrastructure Trust will offer a multiplier effect, fueling growth in Chicago’s many infrastructure businesses including engineering, the construction trades and architecture.
“The door to a new era of modernization, recapitalization and rehabilitation of Chicago’s valuable public capital investments has been opened today,” said Ray Kljajic, Managing Director in Municipal Finance at Citi. “Congratulations to Mayor Emanuel and to Chicago.”
As a key partner to Chicago’s Infrastructure Trust, Citi brings unsurpassed qualifications, investing nearly 10 years of research and development into the public-private infrastructure trust concept. Citi has played a leading role in some of the U.S.’s largest municipal partnerships including the Chicago Skyway, Dulles Tollway/Washington Metro Airport, and the recent transfer of Indianapolis’ water and sewer system to Citizens Energy, a similar not-for-profit trust.
Citi for Cities is an initiative which harnesses the best of Citi across the globe to enable cities to become more efficient, by providing financing that facilitates commerce and modernization, and by empowering citizens to access services that enhance livability and prosperity. Citi aims to help cities achieve their ambitions across the key ecosystems that power a city including administration, roads and transit, ports of entry, energy and utilities, workplace and education, health and safety and regeneration and development. Citi’s span of engagement with cities includes public and private sector, the financial sector and citizens and the communities in which they live.