From strategy to investment: six localities of Armenia, Moldova and Ukraine receive financial advisory support under EU-funded M4EG initiative

Six localities of Armenia, the Republic of Moldova and Ukraine will receive technical and financial support for developing urban projects and attracting investments, under the City Financial Advisory Programme, implemented by the United Nations Development Programme (UNDP) Moldova with the support of the European Union’s Mayors for Economic Growth (M4EG) initiative.

The beneficiary communities were selected through a competition, based on their development potential and project implementation capacity.

“The programme aims to establish the function of financial adviser for localities, a regional mechanism designed to strengthen the capacity of local authorities to develop and implement viable urban projects. The initiative was developed in collaboration with the Frankfurt School of Finance and Management and the Climate Policy Initiative, to support communities in strategic planning and in attracting financing,” the project’s press release reads.

Through this programme, the selected localities will benefit from technical assistance and local capacity building in investment planning; identifying partners and sources of capital by connecting them with investors and international financial institutions; developing project pipelines and financial structuring, including a grant of 60,000 US dollars for the financial preparation of a priority project.

“The European Union is pleased to support this programme, which helps to reduce the gap between communities and investors. Strengthening local financial capacity and advancing urban development projects are a priority for the EU in order to promote resilient local development in the Republic of Moldova,” said Iwona Piórko, EU Ambassador to Moldova.

These measures aim to reduce the existing gap between communities and investors and to create integrated urban projects that can be included in sustainable investment portfolios.

“Through this programme, municipalities can turn strategic priorities into investment-ready projects that attract long-term financing and bring tangible benefits to communities. Sound project preparation and effective financial planning will stimulate new partnerships and accelerate sustainable local development,” added Daniela Gasparikova, UNDP Resident Representative to Moldova.

The beneficiary localities are: Armenia – Tashir and Stepanavan, Lori province; Republic of Moldova – Ungheni, Central region; Edineț, Northern region; Ukraine – Trostianets, Sumy region; Kryvyi Rih, Dnipropetrovsk region.

The programme reflects the shared commitment of the European Union and UNDP to support communities in the Eastern Partnership in strengthening local financial capacities and integrating urban development projects into sustainable investment portfolios.

The M4EG initiative was launched in 2017 and is funded by the European Union. Since 2021, it has been implemented by UNDP in close cooperation with local authorities and other partners, providing continuous support for local economic development, promoting good practices and stimulating public and private investments.