The signing occurred yesterday during the Third United Nations Ocean Conference (UNOC3) in Nice, France.
The initial projects include a wastewater treatment facility in Alexandria, Egypt; Morocco’s first offshore wind farm; and coral ecosystem restoration in Jordan.
The signing occurred at the UfM-led event, “Charting the path towards sustainable blue economy: the Mediterranean leading the way,” held on UNOC3 Mediterranean Day.
The event highlighted the region’s role in advancing sustainable marine resource use to promote socioeconomic development.
Government officials, development agencies, regional networks, private sector representatives, and civil society showcased innovative financing, technologies, and scalable initiatives.
The 43 UfM member states' priority cooperation areas include maritime clusters, decarbonization, marine biodiversity, blue jobs, renewable energy, sustainable tourism, pollution prevention, and circular economy enterprises.
Since the 2015 UfM Ministerial Declaration on Sustainable Blue Economy (SBE) and its 2021 follow-up, more than €500 million has been mobilized for over 250 regional projects.
Andrea Tinagli, principal advisor and European Investment Bank (EIB) representative to the UfM, described BMP as a multilateral effort supporting sustainable blue economy initiatives in the Mediterranean.
The fund targets investments in wastewater treatment, waste management, and sustainable aquaculture, aiming to reduce pollution and promote sustainability.
Launched at COP27 in Egypt (2022) and reinforced at COP28 in Dubai, BMP fosters early-stage support to attract private sector investment in fully bankable projects, explained Camilla Otto, director of donor co-financing at the European Bank for Reconstruction and Development (EBRD).
She highlighted BMP’s role in creating enabling environments through strategy, policy, and regulatory framework development.
Adonai Herrera-Martinez, EBRD’s director of environment and sustainability, stressed the importance of policy and regulatory reforms to accelerate nature-based solutions and boost sustainable blue economy investments.
“BMP connects all stakeholders to realise a sustainable blue economy,” said Ewa Manik, EBRD associate director for Eastern Europe Energy Efficiency and Environment Partnership.
She added that BMP helps reduce risks and investment costs through technical assistance and capacity building.
Delilah Al-Khudhairy, European Commission director for Maritime Policy and Blue Economy, emphasized the Mediterranean’s crucial role and the financial backing required. She noted that BMP strengthened ties with the European Union's (EU) Southern Neighbourhood countries.
Sara Agasen, Spain’s Minister for Ecological Transition and Demographic Challenge, described the Mediterranean as a biodiversity hotspot sustaining millions of livelihoods and called for urgent action to protect its marine ecosystems.
“We live at a critical moment demanding a serious plan to safeguard current and future generations,” she said.
Nasser Kamel, the UfM's secretary general, highlighted the importance of preserving marine ecosystems to protect millions of lives around the Mediterranean.
He praised the region’s sustainable blue economy community as a global inspiration and the UfM’s pioneering role in fostering political and technical dialogue.
“In the face of geopolitical unrest, sustainable blue economy unites us despite differences,” Kamel said. “We remain committed to leveraging our platform for 43 UfM Member States and stakeholders to mobilise investment and promote sustainable, equitable development.”
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