Brussels, 14/10/2011 (Agence Europe) - On Wednesday 12 October, the European Investment Bank (EIB) and the government of Portugal announced the creation of three urban development funds (totalling €130 million) for investment in urban development in Portugal.
The three funds will be managed by Banco BPI SA (€64 million), a consortium of Caixa Geral de Depositos SA and Instituto de Habitação e da Reabilitação Urbana IP (€51 million) and Tourismo de Portugal IP, the central Portuguese authority for development of tourism (€15 million).
The funds will be invested in urban rehabilitation, energy efficiency and renewable energy. They will also be used for revitalisation of SMEs and innovating companies, and for improving access to broadband and Wi-Fi.
Investment is under the initiative JESSICA (Joint European Support for Sustainable Investment in City Areas), a joint European Commission/EIB project in association with the Council of Europe Development Bank. Some 20 countries decided to create the JESSICA fund. (DD-stag/transl.jl)