Specifically, the United Nations Development Program (UNDP), as part of the "Mayors for Economic Growth" (M4EG), funded by the European Union, and the Urban Experiments Fund, funded by the Government of Slovakia, have announced a new call for proposals to participate in the Innovative Financing Initiative. The program will support local governments in Armenia, Moldova, North Macedonia, and Ukraine in developing and implementing innovative financial solutions to address local development challenges. Under the Innovative Financing Initiative, selected local governments will receive technical and financial support to test and implement innovative financial solutions tailored to local needs. Beneficiary local governments may choose one or more of the six financing mechanisms presented in the Innovative Financing Initiative's Solutions Catalog: working capital, municipal bonds, community land funds, community co-financing platforms, management and monetization of municipal assets, or improving the efficiency of property tax collection. At the same time, participating local governments may propose their own innovative financing solutions. The financing solutions proposed under the Innovative Finance Initiative must address a specific challenge faced by the participating local government and do not necessarily have to be revenue-generating instruments. This refers to a barrier that may affect, for example, local revenues, access to financing, private-sector engagement, community participation, or the ability to attract investment. Thus, the proposed solution should help address the identified problem and promote investment in one or more sectors. Selected local governments will receive technical assistance tailored to their needs, as well as financial assistance of up to $20,000 each to develop and implement innovative financing mechanisms. At the same time, participating local governments will be required to provide their own contribution, in cash or in kind, amounting to at least 10% of the value of the financial assistance received through the Innovative Financing Initiatives. The deadline for submitting applications is November 13. Selected local governments will implement the proposed initiatives between January and November 2027. // 16.10.2026 — InfoMarket