Sustainable urban development: Union for the Mediterranean Member States endorse region-wide initiative
June 23, 2020
The Member States of the Union for the Mediterranean (UfM) met virtually on 18 June at the level of Senior Officials from the Ministries of Foreign Affairs. They endorsed a new regional initiative to support sustainable urban development projects in the Southern and Eastern Mediterranean countries, and discussed the preparations of the 25th anniversary of the Barcelona Process.
The initiative “UPFI-ERI: Urban Projects Finance Initiative – Economic Resilience Initiative” supports sustainable urban development projects in the Southern and Eastern Mediterranean countries by providing project promoters with a grant for technical assistance on project preparation to subsequently secure access to international funding. Recognizing the magnitude of the new challenges, the initiative aims at accelerating the implementation of such urban projects by enabling them to become bankable to the standards of the European Investment Bank and other European financial institutions.
The European Investment Bank is the lead promoter in partnership with the French Development Agency (AFD), the Union for the Mediterranean (UfM) and the European Union (EU).