JESSICA
JESSICA (Joint European Support for Sustainable Investment in City Areas) is an initiative of the European Commission developed in co-operation with the European Investment Bank and the Council of Europe Development Bank (CEB).
JESSICA’s purpose is to assist sustainable investments in European urban areas, as well as to encourage growth and employment in these areas. JESSICA gives an opportunity to the Member-states’ Managing Authorities to invest part of the funds received from the European Fund for Regional Development for the period 2007 - 2013 in Urban Development Funds. In Bulgaria JESSICA is implemented through the Operational Program Regional Development 2007-2013, within Priority Axis 1 Sustainable and Integrated Urban Development.
On May 27, 2009 a Memorandum of Understanding has been signed between the Ministry of Regional Development and Public Works and the European Investment Bank for the implementation of the JESSICA initiative in Bulgaria based on a preliminary research for the initiative’s feasibility, and on July 29, 2010 a Funding Agreement has been signed between the Bulgarian Government and the European Investment Bank.
The JESSICA Holding Fund has been active since October 19, 2010 after the Funding Agreement has entered into force. The total amount of the financial resource invested by the Operational Program “Regional Development” 2007 – 2013 in the Holding Fund amounts at EUR 33 million.
JESSICA’s main purpose is to invest in Urban Development Projects and Public-Private Partnerships, which represent part of an Integrated Plan for Sustainable Urban Development and have the potential to return the resources originally invested.
The JESSICA funds shall be used for investments in improvement of the urban environment, social, educational, cultural and healthcare infrastructure, industrial zones development, business and shopping centers, entertainment centers and sport facilities in Bulgaria’s seven largest cities – Sofia, Plovdiv, Stara Zagora, Burgas, Varna, Ruse and Pleven.
Final beneficiaries under the Projects could be local authorities, private investors and/or Public-Private Partnerships. The Projects should correspond to the eligible activities under Priority Axis 1 of the OPRD, they should be in line with the Urban Master Plan and the Municipal Development Plan and should generate revenue.
The project financing is implemented through one Urban Development Fund for the City of Sofia and another Urban Development Fund for the other six major cities of Bulgaria by way of loans, guarantees and equity.
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Last modified: Wednesday, September 21, 2011 6:27 PM