Financial heavyweight Citi is to provide a $25m credit facility to Streetline, which is working in collaboration with IBM, as it hopes to push forward the adoption of smart parking technology to cities around the world.
Under proposed plans, cities will have the option to implement the smart parking project with no initial upfront costs, helping adoption and deployment of the technology.
As a result, customers will be able to use Streetline’s cloud-based smart parking solutions on a pay-as-you-go basis.
Ward Marsh, managing director and manager, Municipal Securities Division at Citi, said, ‘City leaders must harness the possibilities of technology and new financial thinking to address critical efficiency reform, modernise urban infrastructure, and provide socially inclusive access to public services.
‘With its global footprint, Citi has a unique perspective on the complexities of the urban environment and the financial challenges facing Mayors and municipal CFOs. Working in collaboration with Streetline and IBM, we intend to help cities continue to rethink how they can optimise parking as an important source of revenue.’
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