JESSICA fund launched in Northwest England

The second JESSICA (Joint European Support for Sustainable Investment in City Areas) initiative in the UK was launched on 11 December in the Northwest of England. The new £100m fund to finance urban development projects will be known as the Northwest Urban Investment Fund. Co-financed by the ERDF, the fund will be managed by the European Investment Bank (EIB) and will help unlock and regenerate sustainable development in the region’s urban areas. By providing funding support in this way, the public sector will be able to obtain a return from the investment and reinvest the returns in future projects, thereby creating a sustainable revolving investment fund.

JESSICA, Joint European Support for Sustainable Investment in City Areas, is an initiative of the Commission in cooperation with the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB), in order to promote sustainable investment, and growth and jobs, in Europe’s urban areas

JESSICA offers the managing authorities of Structural Funds programmes the possibility to take advantage of outside expertise and to have greater access to loan capital for the purpose of promoting urban development, including loans for social housing where appropriate. Where a managing authority wishes to participate under the JESSICA framework, it would contribute resources from the programme, while the EIB, other international financial institutions, private banks and investors would contribute additional loan or equity capital as appropriate.

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