Six municipalities across Armenia, Moldova and Ukraine to join the City Financial Advisory Programme under the EU-funded M4EG initiative

The EU-funded Mayors for Economic Growth (M4EG) initiative, implemented by the United Nations Development Programme (UNDP), will support six municipalities across Armenia, Moldova and Ukraine under its City Financial Advisory Programme, following the recently launched Call for Interest in the three countries.

The City Financial Advisory Programme, designed in collaboration with Frankfurt School of Finance & Management and Climate Policy Initiative, aims to establish a City Finance Advisory Function, a regional advisory and development mechanism that strengthens cities’ ability to design investment-ready urban projects.

Under this programme, each selected municipality or group of municipalities will receive:

• Tailored technical advisory support for muncipalities, strengthening local capacities in investment planning and readiness to attract financing.
• Partner identification and capital sourcing for municipality investment projects through connecting cities with investors and IFIs.
• Project pipeline development and financial structuring, including a grant support of USD$60,000 to improve financial readiness of one key priority project.

These efforts reflect the joint commitment of the European Union and UNDP to help bridge the financing gap between municipalities and investors in selected Eastern Partnership countries. The programme will enhance local financial capabilities and help aggregate urban development projects into bankable investment pipelines.

“The European Union is glad to support the City Financial Advisory Programme, which is set to bridge the gap between municipalities and investors. Making the local financial capacity stronger and bringing urban development projects together is a key priority for the EU in order to advance resilient local development in Moldova” said Iwona Piórko, the Ambassador of the European Union to the Republic of Moldova.

“Through this programme, municipalities have a real possibility to turn strategic priorities into investment-ready projects that can attract long-term financing and deliver tangible benefits to their communities. By improving project preparation and financial planning, communities will unlock new partnerships and accelerate sustainable local development,” mentioned Daniela Gasparikova, UNDP Resident Representative to the Republic of Moldova.

The selected cities are listed below:

• Armenia: Tashir, Lori Province; Stepanavan, Lori Province.
• Republic of Moldova: Ungheni, Centre Region; Edineț, North Region.
• Ukraine: Trostianets, Sumy Oblast; Kryvyi Rih, Dnipropetrovsk Oblast.

For more information about the City Financial Advisory Programme, as well as updates and upcoming opportunities for local governments, please visit the M4EG website.

The M4EG Initiative was launched by the European Union in 2017, and it has been continuously funded by the EU since then.  Since 2021, the initiative has been managed by UNDP, in close cooperation with the EU, local authorities and various partners.