Brussels, 13/07/2010 (Agence Europe) - Scotland is to benefit from a £50 million fund that has just been set up under the JESSICA initiative to invest in business and transport hubs and “green” housing. Whole zones of Scotland's towns and cities will benefit from cash for major regeneration work, including new business spaces, wireless technology zones, green energy for social housing, renewing derelict sites and more efficient transport schemes. The fund will help kick start regeneration schemes stalled by the recession, providing backing for projects struggling to get finance from commercial lenders. Scottish ministers have agreed the fund with the European Investment Bank, made up of cash from the European Commission and the Scottish government, which will, in additional, lever investment from public and private sector partners. Large-scale urban regeneration projects will benefit and the fund will continually recycle cash for new projects, by getting money back when projects start generating returns. JESSICA (Joint European Support for Sustainable Investment In City Areas) is an initiative developed by the European Commission and the European Investment Bank, in collaboration with the Council of Europe Development Bank. (O.L./transl.rt)