Italian ambassador to Baku: Sports infrastructure in cities requires long-term investment

Sports infrastructure requires long-term and sustainable investment, as such projects are rarely seen as offering a quick financial return, Italian Ambassador to Azerbaijan Luca Di Gianfrancesco said during a panel discussion at the 13th session of the World Urban Forum (WUF13) in Baku, Report informs.

"Everything related to urban planning, and especially sports infrastructure, is often not perceived as an investment with a quick return. That's why a long-term approach is necessary," the diplomat emphasized.

He noted that during Italy's recent G7 Presidency, a declaration was adopted recognizing sport as an effective tool for achieving the Sustainable Development Goals (SDGs). The document explicitly points to the need to shift from one-off initiatives to systemic, long-term financing.

The ambassador discussed the role of the Italian Institute for Sport and Cultural Credit (ICSC), which, following its 2024 reform, has expanded its support mechanisms for the sector. "Today, the institute goes beyond financing. It develops specialized credit instruments, public-private partnership mechanisms, and risk mitigation systems for local authorities," said Luca Di Gianfrancesco, adding that this allows municipalities to attract funds on a stable and predictable basis.

To date, the institute has issued loans totaling approximately €540 million. More than 60% of ICSC's clients are local authorities, approximately 20% are private sector entities, and approximately 9% are non-profit organizations. The diplomat concluded that such financial mechanisms help cities plan for the future and harmoniously integrate sport into the overall system of sustainable urban development.