Presentation on theme: "Optional use of ERDF money for projects within integrated urban plans"— Presentation transcript:
1 JESSICA Joint European Support for Sustainable Investment in City Areas Optional use of ERDF money for projects within integrated urban plansJESSICA offers Managing Authorities the possibility of using ERDF funds for urban projects as non-grant recyclable financing through Urban Development FundsCommercial approach. Leverage effectEIB as JESSICA holding fund.Initiative being developed. First phase evaluation carried out by EIB to finalise end 2006
2 JESSICA Sustainable Urban Development € € € € € Disbursement: European CommissionERDF – DG RegioEU LevelUp frontIrreversible(In tranches if required)€Programming AuthorityHolding Fund:Greater delegation to Local AuthoritiesOwned by National AuthorityManagement/administration are outsourced to HF Mgr.National /or regional LevelManaging AuthorityHolding Fund (« HF »)HF ManagerRole of the HF Manager:€€€€Structure investments, select Urban Development FundsAdminister, monitor & report on investmentsAttract other investorsClosely collaborate with national/regional authoritiesUrban Development FundsNational/regional /Local Level€€€€Regional /Local LevelProjectsSustainable Urban DevelopmentTHE MANAGER IS SELECTED BY MEMBER STATE / REGION
3 JESSICA The Taxonomy of UDFs X Spatial focus Single public Mixed publicPublic companyPPPNon-profitCo-operativesPrivateNational/regionalXMetropolitanMunicipalSpecific URD areaSector focusPublic ServicesPrivate OrientedSocial HousingSPV
4 JESSICA Preliminary Evaluation Study Study Objectives: The study has been designed to establish the efficacy of JESSICA and how the initiative should be taken forward. Work on the study is due to start in early September and initial findings are anticipated before the end of the year.Study Objectives:To establish the rationale for financial engineering actions in the urban sector;To review the potential interest within Member States of using UDFs to accelerate investment in urban areas;To identify and evaluate the problems and gaps within Member States between the supply and demand for financial engineering products targeting urban renewal/regeneration;To propose adapted structures to take the JESSICA initiative forward;To suggest intervention possibilities for the EC and EIB that add value.