The EU Initiative "Mayors for Economic Growth" covers the countries from the Eastern Partnership: Armenia, Azerbaijan, Belarus, Georgia, Republic of Moldova and Ukraine. The final beneficiaries of the project are the local authorities and in particular the signatories of the M4EG. The project also supports CSOs and private sector players, as well as the citizens, through their involvement in implementation projects or as beneficiaries of the results.

A LPA can become M4EG signatory once it fills in a membership form and is committed to submit within a year of joining the initiative, a Local Economic Development Plan, in which it outlines in concrete measures how it intends to reach the objectives (e.g. economic growth). The Secretariat is monitoring the implementation of the plans every six months.

- Encourage and support local authorities to design and implement local economic development plans (LEDPs).
- Strengthen the capacity of local authorities to implement LEDPs in line with the principle of good governance and sound financial management.
- Encourage the creation of local partnerships and networks based on public-private dialogue in order to implement actions to promote growth, development and jobs.
- Share know-how and best practices to motivate local stakeholders, demonstrate new approaches at work, and sustain local pro-development policies and actions.

Within a year from joining the initiative, signatories of Mayors for Economic Growth (M4EG) are asked to submit a Local Economic Development Plan, in which they outline concrete measures to reach their objectives.

The technical assistance team then supports signatories with:

Information, capacity building and awareness raising, including methodologies and guidelines for baseline inventories and Development Plans, training materials and workshops.
Assistance to the implementation of local economic development policies, including:
- Direct expert assistance.
- Train the trainers.
- Exchange of best practice.
- Support to investment projects.
- Fostering cross-country partnerships.

The M4EG initiative also has a grant component funding “pioneer projects”. The Call for Proposals targets cities that already have a Local Economic Development Plan, consistent with the M4EG Concept. Cities selected will become the "Pioneers" of Mayors for Economic Growth by implementing pilot projects capable of showing how concrete actions included in the Plans can be realised on the ground.