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The Urban Projects Finance Initiative (UPFI) is co-managed by the European Investment Bank and the Agence Française de Développement, and is in partnership with the the Union for the Mediterranean. Its objective is to identify, prepare and present for financing integrated, sustainable, and innovative urban development projects that meet the following criteria:
The focus is on projects which target a specific spatial zone or area of a city, comprise investments across a range of sub-sectors, are innovative and sustainable in the long-term, and are sufficiently mature to progress rapidly. Mature projects must have a capable promoter, a well-defined budget and a complete or ongoing feasibility study and environmental assessment. They must also have a credible timetable, and be relatively advanced in preparation – ie close to the stage of tender for a detailed design or a design and build contract.
The UPFI has a two-stage approach: (1) a project identification study, started in November 2012; and (2) project preparation / support where additional work is needed to support final project preparation. The countries covered by the UPFI are Algeria, Egypt, Gaza-West Bank, Israel, Jordan, Lebanon, Morocco, Tunisia and Turkey. Selected projects will be given a label of quality by the Union for the Mediterranean which should help them to secure financing and publicity.