JESSICA - Joint European Support for Sustainable Investment in City Areas – is one of the Cohesion Policy Joint Initiatives that were developed by the European Commission to contribute to making EU Cohesion Policy more efficient and sustainable. The JESSICA mechanism is based on cooperation established between the Commission, the EIB and the Council of Europe Development Bank and supports investment in sustainable urban development and regeneration.
The Northwest Regional Development Agency (NWDAi) is has set up a £100 million JESSICA fund in cooperation with the European Investment Bank (EIB) to support projects that will help regenerate sustainable developmenti in the North West’s urban areas.
By establishing a JESSICA holding fund, the North West will work with the EIB to invest European Structural Fundsi in integrated and sustainable urban regeneration projects.
The Northwest Urban Investment Fund will provide debt, equity and guarantee investment to support projects that will unlock sustainable development projects in the Northwest’s urban areas.
These areas are defined in the Investment Frameworks for Action Area 3.2 and Action Area 4.3 of the Northwest Operational Programme for ERDFi.
Project investments will include the development of employment sites, creation of new commercial floor space, reclamation of derelict or contaminated land, and provision of site servicing and infrastructure.
The Northwest Urban Investment Fund is expected to create or safeguard thousands of jobs in the Northwest by 2015 and provide a boost in Gross Value Added (GVA) for the Northwest economy.
For further information about JESSICA please visit: North West Urban Investment Fund