Optional use of ERDF money for projects within integrated urban plans

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Presentation transcript:

JESSICA Joint European Support for Sustainable Investment in City Areas Optional use of ERDF money for projects within integrated urban plans JESSICA offers Managing Authorities the possibility of using ERDF funds for urban projects as non-grant recyclable financing through Urban Development Funds Commercial approach. Leverage effect EIB as JESSICA holding fund. Initiative being developed. First phase evaluation carried out by EIB to finalise end 2006

JESSICA Sustainable Urban Development € € € € € Disbursement: European Commission ERDF – DG Regio EU Level Up front Irreversible (In tranches if required) € Programming Authority Holding Fund: Greater delegation to Local Authorities Owned by National Authority Management/administration are outsourced to HF Mgr. National /or regional Level Managing Authority Holding Fund (« HF ») HF Manager Role of the HF Manager: € € € € Structure investments, select Urban Development Funds Administer, monitor & report on investments Attract other investors Closely collaborate with national/regional authorities Urban Development Funds National/regional /Local Level € € € € Regional /Local Level Projects Sustainable Urban Development THE MANAGER IS SELECTED BY MEMBER STATE / REGION

JESSICA The Taxonomy of UDFs X Spatial focus Single public Mixed public Public company PPP Non-profit Co-operatives Private National/regional X Metropolitan Municipal Specific URD area Sector focus Public Services Private Oriented Social Housing SPV

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.