Union For The Mediterranean - Funding

Funding

The Paris Declaration states that contributions for the Union for the Mediterranean will have to develop the capacity to attract funding from "the private sector participation; contributions from the EU budget and all partners; contributions from other countries, international financial institutions and regional entities; the Euro-Mediterranean Investment and Partnership Facility (FEMIP); the ENPI", among other possible instruments,

• The European Commission contributes to the Union for the Mediterranean through the European Neighbourhood Policy Instrument (ENPI). In July 2009 the ENPI allocated €72 million for the following Union for the Mediterranean projects during 2009–2010:
  • De-pollution of the Mediterranean (€22 million).
  • Maritime and land highways (€7.5 million).
  • Alternative energies: Mediterranean Solar Plan (€5 million).
  • Euro-Mediterranean University of Slovenia (€1 million)

• The European Investment Bank contributes to the Union for the Mediterranean through its Euro-Mediterranean Investment and Partnership (FEMIP). Specifically, the FEMIP was mandated by the Euro-Mediterranean Ministers of Finance on 2008 to support three of the six concrete projects: the de-pollution of the Mediterranean; alternative energies; and maritime and land highways. Following the June 2012 meeting the EIB announced it would give 500 million euros to support projects for the UfM.

• The InfraMed Infrastructure Fund was established in June 2010 by five financial entities: the French Caisse des Dépôts, the Moroccan Caisse de Dépôts et de Gestion, the Egyptian EFG Hermes, the Italian Cassa Depositi e Prestiti and the European Investment Bank. On an initial phase, the Fund will contribute €385 million to the Secretariat's projects on infrastructure.

• The World Bank has allocated $750 million for the renewable energy project through the Clean Technology Fund.