"The prize focuses on four pillars: way of life, vigour, sustainability and quality of life, which are fundamental to the success of any city and the quality of its urban life. Bilbao has demonstrated these qualities in its radical transformation from a post-industrial city into a vibrant metropolis", the jury said in its declaration. In a video recorded by all the finalists of the award, the mayor of Bilbao, Iñaki Azkuna, pointed out that "for my town to win this prize signifies an outstanding recognition, and we are truly honoured and hope that Bilbao will be an inspiration to other cities".

A total of 78 cities from all over the world participated in this first edition of the Lee Kuan Yew World City Prize, which bears the name of the founder of modern Singapore.

Lee Kuan Yew, minister attached to the Head of the Government of Singapore, presented the prize, endowed with 300,000 Singapore dollars (216,367 dollars or 174,145 Euros), to Azkuna. At the same event Melbourne (Australia), Curitba (Brazil) and New Delhi received honourable mentions.