Millennium Cities Initiative -- Targeted Outcomes

Need for the Project:

• Focused approach on a selected number of cities;
• Little attention so far to regional cities;
• Little attention to urban-based MDG strategies;
• Possibility of partnerships with the Millennium Villages for maximum leverage.

Timeline: five years, divided into two phases (Years I-II, Years III-V).

 

Targeted Outcomes:

Based on its research and policy analysis, the Initiative will help:

1. To identify investment opportunities in the Millennium Cities, improve the capacity of these cities to attract investment, strengthen mechanisms for dialogue between foreign investors and city administrations, and bring a number of investors to consider investments in them.
2. To give several cities an economic boost by disseminating research results that might interest multinational companies in ventures that will generate jobs and stimulate domestic enterprise development, raise the cities’ profiles for investors, and commit to responsible environmental stewardship.
3. To help the participating cities and their competent authorities, in cooperation with other international organizations, to elaborate City Development Strategies to help achieve the Millennium Development Goals.

PHASE I:

Year I Goals: to identify and inform appropriate foreign investors about the Millennium Cities. 

Relevant steps include the following:

• Work with cities and international businesses to identify potentially fruitful investment opportunities;
• Gather information on existing and planned infrastructure of relevance for FDI;
• Research and characterize the regulatory framework for foreign direct investment and strengthen the capacity of cities to attract investment and benefit from it;  
• Consult and work with local and national authorities as necessary to improve the business environment and public-private sector relations;
• Develop an instrument to facilitate the negotiating of durable contracts (“Investment Contract Aid Facility”);
• Identify a cluster of interested investors and bring them to consider possible investments;
• Examine possibilities for risk mitigation. 

Year II Goals: to promote infrastructure improvements and assist in developing longer-term strategies in critical sectors.

Relevant steps include the following:

• Assist municipal government in developing funding proposals for infrastructure improvements, including those identified by the potential investors;
• Work as necessary at the national level to make the business climate more attractive to FDI;
• Act as liaison between investors and relevant municipal, regional, and central government partners to follow up on commitments and move project implementation forward;
• Help the Millennium Cities to develop MDG-based city development strategies in cooperation with other stakeholders (international organizations, communities, NGOs, business community, etc.).

PHASE II:

Years III – V Goals:  To assist the cities in securing durable investments, completing and disseminating MDG-based City Development Strategies to spur accelerated achievement of the MDGs in these and other urban areas.

• Complete MDG-based City Development Strategies;
• Submit City Development Strategy to national government authorities as well as potential development partners;
• Continue to serve as liaison between investors and government to help shepherd projects to fruition;
• Follow up on other issues that emerge from Phase I, in light of experience gained and as needs arise.