The International Municipal Investment Fund is a unique, bespoke fund designed and set up by UNCDF and UCLG with the collaboration of FMDV to support cities and local governments (notably municipalities in developing countries including the least developed countries) in accessing national and international capital markets. It will provide cities and local governments with reimbursable funds to finance investment projects and programmes of general interest.
The Fund is managed by Meridiam, a private asset manager, with a target capitalisation of € 350 million at first closing. Through a Technical Assistance Facility (IMIF-TAF), the UNCDF - UCLG/FMDV coalition will help cities to finalise the preparation of their projects and provide the necessary support to ensure that the city meets the requirements for accessing financial markets.
In order to assist the cities in preparing their project documentation for submission to the International Municipal Investment Fund, UNCDF has set up a Technical Assistance Facility - IMIF-TAF. The aim of this facility is to provide technical assistance to cities to help them finalize their investment project and, where necessary, strengthen their capacity to access credit, so that their investment project can be presented to the Fund Manager, Meridiam, with the best chance of success.
This technical assistance facility is designed to support cities with investment projects of less than USD 25 million. Cities with projects above this amount will be supported directly by Meridiam to structure their project file and be able to present it to the Fund's Investment Committee.
The IMIF-TAF applies the Local Development Finance Dual Key pipeline development process to assess both the impact and nancial sustainability of each project to provide the IMIF with investment-ready opportunities. Over 15 municipal investments are in the Dual Key Hard Pipeline for 2020/2021, with financing needs of approximately $100 million
All the details of the IMIF Technical Assistance Facility can be found in the attached brochure