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

11 February 2026 – 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 (CFAF), 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 cities, strengthening local capacities in investment planning and readiness to attract financing.
  • Partner identification and capital sourcing for city 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 cities and investors in selected Eastern Partnership countries. The programme will enhance local financial capabilities and help aggregate urban development projects into bankable investment pipelines.

“Strengthening the economic and financial capacities of local authorities is essential for Armenian municipalities to plan and deliver sustainable investments. Through this programme, the European Union, in close partnership with UNDP, is establishing a structured and long-term approach to support municipalities in enhancing their investment planning and financial management capacities,” said Vassilis Maragos, Ambassador of the European Union to Armenia.

“This new initiative of the M4EG and CEF is aimed at encouraging municipalities to develop the mindset and skills needed for designing larger‑scale investment projects, which is well-aligned with the mission of both programmes focused on community development. We expect that the positive results of this experience and the tools developed through it will later become available to a wider number of municipalities.” added Natia Natsvlishvili, UNDP Resident Representative in Armenia.

The selected cities are listed below:

Armenia: Tashir, Lori Province; Stepanavan, Lori Province.
Moldova: Ungheni, Centre Region; Edinet, 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.

For media inquiries:
Anton Sydorenko, M4EG Facility Communications Lead, anton.sydorenko@undp.org