EU launches urban development programme

The European Union (EU) on Monday launched URBACT III, an urban development program financed to the tune of 74.3 million euros (about 78 million U.S. dollars) for the period 2014-2020 through the European Regional Development Fund.
URBACT III will act as a European exchange and learning program promoting sustainable urban development. It will enable European cities to work together to develop solutions to urban challenges and share good practices, lessons and solutions with all stakeholders involved in urban policy throughout Europe.
The program will cover all of the 28 member states of the EU as well as the two partner countries of Norway and Switzerland.
European Commissioner Corina Cretu said: "Cities are the engines of the European economy. However, they are also home to economic, social and environmental challenges. URBACT's work on knowledge sharing in cities will be more important than ever."
URBACT III will facilitate the sharing of knowledge and good practice between cities and other levels of government in order to promote integrated sustainable development and improve the effectiveness of regional and cohesion policy, according to an EU press release.