ECONOMICS UNIQUENESS

BOX 8.2
FINANCIAL MECHANISMS FOR HISTORIC CITY ■ 221
International Partnerships Promote Regeneration
Efforts in Mostar, Bosnia and Herzegovina
Pilot Cultural Heritage Project (Project number 059763)
Total Project Cost: US$15.8 million
Total Loan Amount: US$4 million
Approved: June 1999 – Closed: December 2004
This post confl ict project aimed to improve a reconciliation process among
the peoples in Bosnia and Herzegovina through recognition and rehabilitation
of their common cultural heritage in the city of Mostar. The partnership that
was formed, and the contributions of many governments and organizations,
greatly increased the effectiveness and outcomes of the work. Before project
planning began, extensive studies had been prepared for the reconstruction
of the Mostar bridge and the adjacent buildings by UNESCO. The Aga Khan
Trust for Culture (AKTC), the World Monuments Fund (WMF), and UNESCO
had helped develop a plan for the revitalization of the historic city core. The
preliminary work provided a solid basis for proceeding with the project design
and implementation. The implementation included these activities: (1) UNESCO
formed and facilitated an International Committee of Experts, which provided
valuable guidance; (2) AKTC and WMF assisted with the reconstruction and
conservation of the historic neighborhood; and (3) the governments of Italy, the
Netherlands, Croatia, Turkey, France, and the Council of Europe Development
Bank contributed with fi nancing and in-kind services. Even more importantly,
soon after project completion, thanks to the framework established during project
implementation, private owners of heritage buildings on the two sides of the
bridge started rehabilitating their properties. These owners converted them into
small businesses, with a signifi cant impact on job creation, especially for the
poor, and in particular for women. The bridge has thus become an attractor of
private investments and an asset to brand the city nationally and internationally.
Source: Bosnia and Herzegovina Pilot Cultural Heritage Project Implementation and Completion
Report.
investment horizon and initial capital of €100 billion. Its objective is to lease
and acquire brownfi eld sites—in France alone there are more than 250,000
potentially polluted industrial sites—in order to implement cleanup, remediation,
and construction of energy-effi cient buildings.