JESSICA is a Joint European Support for Sustainable Investment in City Areas funded by EU Structural Funds and national co-financing. JESSICA has been launched in Bulgaria under Priority Axis 1 “Sustainable and Integrated Urban Development” of Operational Programme “Regional Development” 2007-2013.
The JESSICA initiative has been launched on the 19th of October 2010 with the signature of a Funding Agreement between the Government of Republic of Bulgaria and the European Investment Bank as a JESSICA Holding Fund in Bulgaria. Bulgaria is one of the ten EU member-states implementing the JESSICA initiative – an innovative financial engineering instrument for urban development.
The purpose of JESSICA is to provide loans, guarantees and equity through Urban Development Funds (UDFs) to Urban Development Projects and Public-Private Partnerships – municipalities, private investors and PPPs in the seven largest cities of Bulgaria - Sofia, Plovdiv, Varna, Bourgas, Rousse, Stara Zagora and Pleven.
Eligible investments under JESSICA should correspond to the OPRD Priority Axis 1 objectives, which could include any of the eligible indicative activities under Priority Axis 1, industrial zones, business, trade and entertainment centres, sports facilities and other public private partnerships and urban projects. In principle, these projects should be revenue generating.
Eligible investments should meet the following project funding selection criteria:
- Correspondence to the eligible objectives and activities under Priority Axis 1 of Operational Programme „Regional Development“ 2007-2013;
- Correspondence to the Investment Strategy of the JESSICA Holding Fund;
- Correspondence to the relevant Urban Master Plan / Detailed Spatial Plans and the Municipal Development Plans as part of an Integrated Plan for Sustainable Urban Development;
- Level of economic return from the project, including social and ecological impact, net impact of the project in the respective region and outside the region in case the project defaults at the end;
- Established partnership with the municipality;
- Maturity of the project (projects already finalized or implemented are not eligible).
Investments in Urban Development Projects under JESSICA can be made by submitting an application form (Business Plan) in the respective Urban Development Fund.
JESSICA in Europe & Bulgaria
JESSICA experience in Poland
Besides the JESSICA initiative, the MRDPW is responsible for the management and the implementation of another financial engineering instrument – the Housing Renovation Fund, The main purpose of the Fund is to ensure low interest rate loans and guarantees to the associations of condominium owners under the „Energy Renovation Measures in Multifamily Buildings“ Project.
For more information, please refer to „Housing Renovation Fund“ submenu
Last modified: Monday, November 12, 2012 6:42 PM