Joint European Support for Sustainable Investment in City Areas

JESSICA – is an initiative developed by the European Commission and the European Investment Bank, in collaboration with the Council of Europe Development Bank (CEB). Under new procedures, Member States are being given the option of using some of their EU grant funding, their so-called Structural Funds, to make repayable investments in projects forming part of an integrated plan for sustainable urban development.

These investments, which may take the form of equity, loans and/or guarantees, are delivered to projects via Urban Development Funds and, if required, Holding Funds.

EIB involvement in JESSICA is threefold:

• advising and assisting national, regional and local authorities in implementing JESSICA
  
• promoting the use of Urban Development Funds and best practice across Europe
  
• acting as a Holding Fund, when requested by Member States or Managing Authorities

With almost EUR 30 billion in lending support to urban transport and renewal projects over the past 5 years, EIB has extensive experience in preparing and financing urban development projects across Europe. Following the EC Council agreement (Leipzig Ministerial Informal meeting of 24/25 May 2007) to place urban regeneration as a major common policy, EIB will step up its involvement in the sector. At the request of a project promoter, EIB will therefore also examine the possibility of leveraging its own funding resources into urban development projects supported by JESSICA.