Joint European Support for Sustainable Investment in City Areas (JESSICA) - EIB and EC

Donor: 
Any donor
International Finance Institutions
European Union
Geographical focus: 
Global
Europe
Thematic focus: 
Tourism in general
Energy in Tourism
Infrastructure in Tourism
Tourism and Culture
Intro text: 
Joint European Support for Sustainable Investment in City Areas, is an initiative of the European Commission (EC) developed in co-operation with the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB). It supports sustainable urban development and regeneration through financial engineering mechanisms.

Official website

www.eib.org/products/blending/jessica/index.htm

Geographic focus

Europe

Who can apply?

Rules on the eligibility of project expenditure, using JESSICA, are the same as those on the use of Structural Funds as a whole, and also need to take account of any specific national constraints. the Projects being supported form part of “integrated and sustainable” urban development plans.

Objectives and activities

Objective: to make Structural Fund support more efficient and effective and to mobilise additional financial resources for public-private partnerships and other urban development projects with a focus on sustainability/recyclability. JESSICA promotes sustainable urban by supporting projects in heritage or cultural sites - for tourism or other sustainable uses.

Activities: JESSICA funds could be targeted specifically at projects such as:

  • Urban infrastructure, including transport, water/waste water, energy, etc.
  • Heritage or cultural sites, for tourism or other sustainable uses
  • Redevelopment of brownfield sites, including site clearance and decontamination.
  • Office space for SMEs, IT and/or R&D sectors
  • University buildings, including medical, biotech and other specialised facilities
  • Energy efficiency improvements.

Examples:

  • The Flemish Authority:  important thematic investments in leisure, tourism, culture and sports.
  • Finland: development of the harbor area will create up to 50 jobs in restaurant, tourism and maintenance related fields.

Type and level of funding

Contributions from the European Regional Development Fund (ERDF) are allocated to Urban Development Funds (UDFs) which invest them in public-private partnerships or other projects included in an integrated plan for sustainable urban development. These investments can take the form of equity, loans and/or guarantees.

Alternatively, managing authorities can decide to channel funds to UDFs using Holding Funds (HFs) which are set up to invest in several UDFs.

Funding for 2014-2020: 5 % of the ERDF resources (approx. EUR 7-8 billion).