Virgilio Martins

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JESSICA - Joint European Support for Sustainable
Investment in City Areas

Virgilio Martins Unit REGIO D3 - Financial
Engineering Directorate-General Regional Policy
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Why JESSICA?

• Increased investment needs while public
  resources are scarce

• Growing emphasis on the need for an
  Integrated Urban Development Policy

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JESSICA Background

• Memorandum of Understanding signed on 30 May 2006

A Coordinated Approachto the Financing of
Urban Renewal and Development for the
Programming Period 2007-2013 of the Community
Structural Funds

• European Commission EIB European
  Investment Bank CEB Council of Europe
  Development Bank

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JESSICA PARTNERSHIPS

• Partnership

Commission, EIB and CEB

• Partnerships

Member States, Regions, CitiesEIB, CEB, Banks,
Investors
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JESSICA in Operation
Operational Programme
Holding Fund for Urban Investment EIB or other
Financial Institution Contributions to the
holding fund from OP, Urban Authority, EIB,
IFIs, etc.
Urban Dev. Funds, owned and managed by MS or
regions, municipal enterprises, banks, investors
UDF supports PROJECTS for sustainable urban
development Participations in PPPs, equity,
loans, guarantees
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JESSICA Main Messages

• Optional Structure

• Flexible Structure

• Cultural Shift

• Best Use of available resources

• Simplification of management

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Implementing JESSICA 1

• JESSICA is a new joint initiative of the
  Commission, EIB and CEB to be implemented for
  the first time in the period 2007 - 2013

• Operational Programmes should include provisions
  suitable to take full advantage of the
  possibilities offered by JESSICA Over 100 OPs
  make specific reference to JESSICA

• EIB sets up dedicated JESSICA Task Force in 2007

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Implementing JESSICA 2

• Preliminary Evaluation Study Carried out in
  2006 and early 2007 by the EIB with the
  support of the CEB - General Overview
  (estimate potential demand for JESSICA and
  examine existing structures regarding Urban
  Development investment) - Case Studies (UK,
  Italy, The Netherlands, Spain, Poland, Hungary)

• Specific Evaluation Studies whenever required
  are offered to Member States Already or
  about to be launched Bulgaria, Cyprus and
  Greece Other Specific Reports France,
  Italy, UK, Germany, Spain

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Implementing JESSICA 3

• Kick-off Meetings in all interested Member
  States Already organised in 16 MS (Bulgaria,
  Cyprus, Czech Republic, France, Germany,
  Greece, Hungary, Italy, Lithuania, Poland,
  Slovakia, Sweden, United Kingdom, Spain,
  Slovenia and Luxembourg) One more in the
  very short term Portugal Others in
  preparation Romania, Finland, Malta

• Dual objective

• Provide preliminary indications about the
  development of JESSICA

• Gather information about specific conditions in
  Member States, existing structures and
  experiences in the Urban Development area

• Preliminary contacts as well as Follow-up
  meetings are taking place with Member States
  and Regions

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JESSICA Other relevant developments 1

• United Kingdom London region in advanced
  discussions with the EIB to implement
  JESSICA. East Midlands, West Midlands and
  Yorkshire met DG REGIO and the EIB and
  expressed their interest in JESSICA. Other
  regions also interested.

• Greece MoU with EIB as JESSICA Holding Fund is
  expected to be signed soon.

• Germany MoU signed between the EIB and the
  region of Saxony The EIB and the Land
  Brandenburg analyse the possibility of
  implementing a model similar to Saxony. In
  Berlin the EIB is launching a study on the
  practical way to implement JESSICA
  Discussions are also taking place with North
  Rhine-Westphalia.

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JESSICA Other relevant developments 2

• France EIB is commissioning a Country Report on
  the application of JESSICA in France.
  Discussions with the authorities will follow on a
  possible implementation scheme.

• Italy A coordination committee established for
  the northern regions. Possibilities for
  centre and southern regions are also under
  discussion.

• Poland Several regions have shown interest in
  the initiative such as Wroclaw, Poznan and
  possibly Warsaw. Additionally, the
  Wielkopolska region has requested the
  organisation of a meeting.

• Bulgaria and Cyprus Holding discussions with
  EIB in view of MoU

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Thank you for your attention!

• For Further Information http//jessica.europa.
  eu

• mail REGIO-FINANCIAL-ENGINEERING_at_ec.europa.eu

Unit REGIO D3 - Financial Engineering Directorate
-General Regional Policy