The Kumasi Metropolitan Assembly (KMA) has been selected for a $250-million financial assistance from the International Municipal Investment Fund (IMIF) to undertake a number of development projects, beginning next year.
The KMA was among local authorities in 14 countries that were selected by the IMIF at the United Cities and Local Governments (UCLG) Congress and the World Summit of Local and Regional Leaders held in Durban, South Africa, from November 11 to 15, this year.
Cities that expressed interest in accessing the fund were invited to produce self-assessment documents that included considerations of a national context, institutional environment, quality and performance of local managers and the nature and maturity of investment projects or programmes that might be eligible for funding.
The selection of the beneficiary cities was carried out by an inter-institutional group on the basis of the results from the self-assessments presented.
Selected projects
He said projects earmarked to be undertaken included a multi-purpose car park at the city centre, the redevelopment of the Asafo and the Krofrom markets and improvement of aspects of the Bus Rapid Transit (BRT) system in Kumasi.
He said a technical team from the IMIF would be in Kumasi in January next year to provide technical support, as the KMA waited for the passage of the Local Government Financing Bill by Parliament by June next year to enable the assembly to start accessing the fund.
Technical assistance
All the selected cities will receive technical assistance to help them define their investment programmes, as well as support them to access financing from the fund.
The IMIF is a joint initiative of the United Nations Capital Development Fund (UNCDF) and the UCLG, an umbrella organisation for cities, local and regional governments and municipal associations throughout the world.
In collaboration with the Global Fund for Cities Development (FMDV), it has become one of the essential components of UCLG’s renewed global strategy on the localisation of financing in support of sustainable urbanisation.
The IMIF aims to facilitate access to financing for capital investment projects by local governments on national and international financial markets.
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Daily Graphic
