Financing Smart Cities: an Analysis of Funding Mechanism and Challenges, a Literature Review

The rapid urbanization and technological advancements of the twenty first century have given rise to the concept of smart cities, which use innovative technologies to enhance the efficiency, sustainability, and quality of life for their residents. This paper explores the various financing mechanisms employed to fund smart city initiatives, examining their effectiveness and addressing the challenges associated with each. The study also investigates the evolving landscape of smart city financing, considering the role of public-private partnerships, government funding, and other financial instruments. There are also recommendations for future urban development strategies.