Brussels, 12/12/2008 (Agence Europe) - The European Investment Bank (EIB) and the London Development Agency signed last week a Memorandum of Understanding under the Joint European Support for Sustainable Investment in City Areas (JESSICA). JESSICA is a joint European Commission and EIB initiative, supported by the Council of Europe Development Bank.
London is the first region in the UK to start cooperation with JESSICA. Cooperation takes the form of a holding fund structure entitled JESSICA Holding Fund. JESSICA will match public and private sector investment with European funds to boost London's environmental infrastructure like waste processing and decentralised energy. With the current economic downturn, having access to JESSICA's finance is more important than ever for the growth of London's businesses - and will also help move the capital toward a low carbon economy.
Using the JESSICA mechanism, London is attempting to create a lasting legacy for EU Structural Funds, by establishing revolving financial instruments in support of the climate change agenda, through the promotion of more efficient use of energy and the development of innovative environmental technologies. It is expected that around 25% of the total 2007-2013 European Regional Development Fund programme for London will be provided in this way. (O.L./transl.jl)