UfM holds the first Urban Projects Finance Initiative (UPFI) Project Committee meeting
Barcelona, 15 June 2014. The Secretariat of the Union for the Mediterranean (UfM) has hosted the first UPFI Project Committee meeting at its headquarters, in Barcelona. This meeting took place right before the official endorsement by the UfM member states of the first project promoted within the framework of the Initiative, the Imbaba Urban Upgrading Project, which took place at the UfM Senior Officials Meeting, on 2-3 June.
In consultation with the financial institutions and the European Commission, this project committee prepared an overview of the projects’ progress in order to create the Preparatory Technical Assistance schedule, which will allow a project to acquire the maturity necessary to meet the financing standards of the international financial institutions and receive the UfM label.
The meeting gathered all the UPFI partners, namely, the UfM Secretariat, the Agence Française de Développement (AFD), the European Investment Bank (EIB), the European Commission, the German bank, KFW, and the French Caisse des Dépôts, as well as various international financial institutions under a new observer status such as the European Bank for Reconstruction and Development (EBRD).
The holding of this meeting, in coordination with the Euro-Mediterranean institutions and stakeholders operating in the field of sustainable urban development, confirms the role of the UfM Secretariat as an operational platform to foster coordination efforts, by drawing on the synergies with and between institutions, stakeholders, cooperation schemes and donors.
The Euro-Mediterranean Sustainable Urban Development Project