The Union for the Mediterranean launched a new regional infrastructure development fund at its meeting in Alexandria on 30 April

The union aims to raise more than €1bn ($1.3bn) in equity capital for its Inframed Fund. The fund is led by France's Caisse de Depots, Italy's Cassa depositi e prestiti, Morocco's Caisse de Depot et de Gestion, and Cairo-based investment bank EFG-Hermes. The four institutions have already committed €400m.

The fund is also likely to co-operate with other partners from the Gulf.

The new structure represents a regional framework for public-private-partnerships which would aid the development of infrastructure across the region.

It will participate in financing energy efficiency, transportation, environmental and urban development projects.