Global Covenant of Mayors proposes way to attract investments for small cities

Consolidating urban projects into unified packages can help small settlements gain access to climate financing, stated Johanna Granados, Head of the Urban Climate Action and Finance Division of the Global Covenant of Mayors of Spain, at the investor roundtable "How can MDBs support sustainable housing at the local level?" held within the framework of the 13th session of the World Urban Forum (WUF13) in Baku, Report informs.

"Aggregating small municipal projects into combined packages can become a key solution to the problem of access to climate financing for small and medium-sized municipalities. Financial organizations, as a rule, show interest in projects of a certain scale, and individual small cities often do not reach the required threshold.

The project bundling mechanism makes it possible to create an investment-attractive product that can generate genuine interest from financial institutions," she emphasized.