Cities Investment Vehicles

What is the
Cities Investment Vehicles

The Cities Investment Vehicles (CI Vehicles) comprise the third rung of the Cities Investment Facility. The CI Vehicles provide development finance and bankability guidance for projects that have reached the mid-stage of development, as defined by the set of development assets that have been attained to date (typically technical and financial feasibility study, a development plan and budget, and some early asset development). They are often those that have been prepared and de-risked to mid-stage with the assistance of the programme’s CI Advisory Platform partners, and now require the typically more significant investment needed to complete development by acquiring the remaining major development assets (such as land and rights-of-way, environmental study and approvals, permitting, design engineering, legal agreements and review, etc.).

Through blended financed structures (typically private equity funds), the CI Vehicles’ mission is to provide funding and development oversight to project promoters in order to drive projects to financial close with other, third-party construction lenders and investors. Part of this process includes assisting project promoters in securing the appropriate equity sponsors and lending institutions.

Who Are The CI Vehicles Partners

EMIF Group

EMIF Group is founded on the principal and mission to bridge the annual $3.2 trillion dollar investment gap between international capital providers and the much needed and critical and impactful infrastructure in non-OECD regions. With seventy years of combined experience, our investment team has extensive direct experience developing and financing infrastructure projects in non-OECD countries. Headquartered in Toronto, Canada, our team members possess regional expertise across Africa, Asia and Latin America. Our skill set includes risk mitigation, project document structuring (e.g., offtake, guarantees, credit enhancement), capital raising, financial and technical assessment. Collectively, the team has mobilized over US$10 billion in equity capital through advisory, active development, construction equity, and M&A activities.


Reall is an innovator and investor in affordable housing for people in the bottom 40% of the income pyramid in urban Africa and Asia. Through targeted investments, Reall demonstrates the commercial viability of climate-smart urban homes for people in the bottom 40% of the income pyramid, including pioneering the $10k house. Headquartered in the UK and with over 30 years’ experience in the sector, Reall has an impressive track record as a market leader in the affordable housing space.