Iniciativa JESSICA. 9 de Maio de 2012

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1 Iniciativa JESSICA 9 de Maio de 2012

2 Cities are smart: when investments in human and social capital and traditional (transport) and modern (ICT) communication infrastructure fuel sustainable economic growth and a high quality of life, with a wise management of natural resources, through participatory governance Caragliu, et.al (2011: 70)

3 There has been an evolution in the forms of support and investment over the years to also offer certain types of revolving assistance to projects, where feasible, in the form of financial assistance instruments. Being able to deliver either grants or revolving assistance gives cohesion policy a flexible toolkit to deliver support in Member States and regions. This flexibility is especially relevant in the current uncertain economic climate where financing difficulties constitute a major concern. ( ) ( )Financial instruments are quickly growing in variety, scope and amounts committed to them. In the period an even wider application is envisaged the financial instruments can be used in all policy areas where feasible. In Financial Instruments in Cohesion Policy, European Commission Report,

4 JESSICA JESSICA Iniciative (Joint European Support for Sustainable Investment in City Areas) Initiative developed by the European Commission and the European Investment Bank, in collaboration with the Council of Europe Development Bank (CEB) to make repayable investments in projects forming part of an integrated plan for sustainable urban development. JESSICA Holding Fund Portugal National implementation of the JESSICA Initiative, promoted by the Government and the Managing Authorities. Shows the Authorities commitment in adopting new financial instruments for sustainable urban regeneration.

5 JESSICA in Europe The use of JESSICA depends on voluntary adoption on the present programming period; Channels ERFD funds from the Operational Programmes to a flexible and revolving finantial engineering instrument; The supported projects must repay the JESSICA financing; 55 Operational Programs joined; 23 JESSICA Holding Funds ( JHF ), with a global ammount of almost 2 MM ; Signed Operational Agreements of some 900M EIB manages most of the JESSICA HFs

6 The role of EIB EIB involvement in JESSICA is threefold: Advising and assisting national, regional and local authorities in implementing JESSICA Promoting the use of Urban Development Funds and best practice across Europe Acting as a Holding Fund, when requested by Member States or Managing Authorities

7 The role of EIB Horizontal Studies Stategic studies JESSICA Networking Platfom

8 JESSICA in Portugal DGTF POVT PO Norte PO Centro PO LVT PO Alentejo PO Algarve 130M JHFP (EIB) Public procurement BPI CGD/IHRU I.Turismo Integrated sustainable urban development project Promotors

9 JESSICA HF level BPI 64 Norte 46 Alentejo 18 CGD/IHRU 50 Norte, Centro e Alentejo 30 Centro 20 Turismo de Portugal 16 Lisboa 11 Algarve 5 TOTAL 130 Urban Development Funds level Leverage Sub-total Projects level Leverage Total

10 Flexible instrument: Financing through Loans, where interest, maturity and grace period are set as to make projects viable (to be defined on a case-by-case basis by the UFD managers) Financing through Equity Possibility of cummulating with other finantial resources, including European grants: Waterflow in leveraging resources (co-financing) 130M 335 M Possible to finance projects that have been attributed grants Revolving nature of the instrument Possibility of using the co-financing tranche for financing non elegible expenses (p.e. housing)

11 Some examples of projects Hoteis/Hostels Residências 3ª Idade Residências de Estudantes Projectos de requalificação/reconversão Urbana Património Histórico/Cultural Escolas/Universidades Parques de Estacionamento Fundos de investimento em arrendamento imobiliário (FIIAH) Restaurantes Comércio de produtos alimentares e artesanais Source: UDFs

12 Communication Plan Monitoring Advisory/Knowledge Sharing Implementation stages Financial Egineering Instrument Created by EC-EIB-CEB Adoption by the Member State (MoU) Adoption by Regions (FA) Launch of CEoI Selection of UDF Managers (OA) Selection of projects Repayment from Urban Projects to the UDF

13 Obrigado