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Subnational governments in emerging market cities have undoubtedly felt the brunt of the COVID-19 crisis. Cities have been at the forefront of the pandemic, given both the impact it has had on their budgets and their citizens, and their central role in managing it. In our October 2020 note, we shared thoughts on what the crisis could mean for cities. More than a year after the crisis first hit, we now project gradual recovery for subnational governments in the second half of 2021 and 2022. This should support investment and lending activity by development finance institutions (DFIs) to help address infrastructure needs globally.