Sat, Feb 11 2012

European Investment Bank deal with Bulgaria on urban plans

Wed, May 27 2009 18:40 CET

byClive Leviev-Sawyer

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European Investment Bank deal with Bulgaria on urban plans

The European Investment Bank and Bulgaria’s ministries of regional development and public works and of finance signed on May 27 2009 a memorandum of understanding on assisting Bulgaria's largest municipalities with drawing up integrated urban development plans and projects.
 
The agreement allows also the funding of urban development projects via a specially established holding fund.
 
The fund will come under the Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative.
 
The memorandum of understanding was signed by Matthias Kollatz-Ahnen, EIB Vice-President, and Deputy Prime Minister Meglena Ploughchieva.
 
JESSICA is a joint European Commission and EIB initiative, supported by the Council of Europe Development Bank, which promotes the investment of European Structural Funds and other resources in sustainable urban development projects. 
 
The EIB said in a media statement that the signing of the memorandum of understanding follows the completion of a JESSICA Evaluation Study for Bulgaria, funded jointly by the European Commission, Directorate General Regional Development and the EIB.
 
"The study demonstrated that there is scope for the use of JESSICA financing in Bulgaria," the statement said.
 
JESSICA is one of the Cohesion Policy Joint Initiatives that were developed by the EC to contribute to making EU Cohesion Policy more efficient and sustainable.
 
The JESSICA mechanism is based on co-operation between the EC, the EIB and the Council of Europe Development Bank and supports investment in sustainable urban development and regeneration.
 
Similar understandings have been signed between the EIB and Galicia (Spain), Wielkopolska (Poland), Portugal, London, Greece, Andalucia (Spain), North West of England (UK) and Castilla-La Mancha (Spain).
 

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