Localizing finance for development

Localizing financing is at the heart of our strategic priorities. UCLG has historically been engaged in research and data collection efforts in order to map the situation of local finance internationally and to inform its advocacy work towards development and investments banks, in particular the World Bank, for the creation of adequate financing mechanisms to meet the growing needs of the urban era.   The recovery from the current crisis is deeply intertwined with responses to other complex emergencies that are unfolding in parallel, most significantly the climate emergency. Financial decisions taken in response to COVID-19 as part of the recovery initiatives are likely to have significant impacts on the ability of subnational governments to respond to the crises and ensure that major budget shortfalls do not jeopardise longer term sustainable development.   To enhance UCLG’s Strategy on Localizing Financing, we aim to define recommendations to unlock the required financing for cities and regions to achieve the global agendas. The International Municipal Investment Fund (IMIF), a joint initiative of UNCDF and UCLG in collaboration with FMDV, was officially launched at the UCLG World Congress in Durban in November 2019. The Fund aims to facilitate access to financial markets for cities (especially intermediary cities) to help them finance capital infrastructure