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Biscay capital Bilbao has become the first ever city to be awarded the Lee Kuan Yew World City Prize, otherwise dubbed the Nobel prize for cities, Basque daily newspaper DEIA reported on Wednesday.

Backed by the Swedish Nobel academy, historically recognized for awarding feats of outstanding human achievement, the prize is intended for individuals or organizations considered to be exceptional examples of ''Livability, Vibrancy, Sustainability and Quality of Life''.

The prize jury also took into account the emphasis that Bilbao put on urban ideas and solutions during the city''s post-industrial regeneration process, something award organizers highlight in the hope of setting a benchmark for other cities.

Since the launch of the award in June 2009, the Basque city''s nomination for the prize constitutes one of the best kept secrets in the history of this generally proud city.

According to DEIA, sources in the council were refusing to comment, neither confirming nor denying reports of the city''s success.

Meanwhile, the Lee Kuan Yew World City Prize organization, for their part, have remained steadfastly tight-lipped regarding the list of nominees, declaring that the official winner would be announced on May 19th.

Achievement of the award is no mean feat bearing in mind that its sponsor-city Singapore is one of the world''s most modern and best models for urban solutions for the 21st century.

Furthermore, as indicated by DEIA, the Biscay capital was up against another 81 world cities in the selection process, among them Curitiba in Brazil and Australian city Melbourne; two conurbations displaying a strong commitment to environmental issues.

According to its website, the Lee Kuan Yew World City award ceremony and banquet will be held on June 29th.