EIB creërt tweede ontwikkelingsregio in West-Pommeren, Polen (en)
Today, the European Investment Bank (EIB), in its capacity as the Manager of the JESSICA Holding Fund for Westpomerania, and Bank Ochrony Srodowiska (BOS) as the Manager of Urban Development Fund (UDF) signed an agreement and by this created Poland’s second JESSICA UDF. The UDF will invest in urban development and regeneration projects in cities of the Westpomerania Region, excluding the Szczecin Metropolitan Area.
The Westpomerania Managing Authority was the second regional authority in Poland to establish a JESSICA Holding Fund (HF) within EIB with the aim to deploy EU Structural Funds for city investments in a more efficient manner. The respective Funding Agreement was signed on 30 July 2009 and its main objective was to accelerate the region’s economic potential through revitalisation of degraded urban areas, thus leading to a more balanced development of the region as a whole.
The JESSICA investment portfolio in Westpomerania may include projects such as construction or renovation of deprived urban infrastructure, renovation of historical buildings, as well as housing projects, e.g. projects supporting energy efficiency, construction or upgrading of technical infrastructure of buildings. The urban projects to be financed by the UDF are expected to focus on supporting initiatives, which increase the economic potential of the region.
BOS is a well-known, reliable financial institution and a primary partner of the EIB for intermediated loan activity operating on the Polish market. The Bank’s mission is to promote sustainable regional growth by providing long-term complementary financing, based on sound banking principles, to projects that are expected to provide solutions to vital economic or social problems, strengthen competitiveness and enhance protection of the environment.
This bank, together with Koszalinska Regional Development Agency (Koszalinska Agencja Rozwoju Regionalnego) was chosen to manage approximately PLN 63 million as an intermediary in funding urban development projects outside Szczecin Metropolitan Area. Investments will be implemented through loans in projects for the revitalization of urban areas.
In general terms, the Westpomerania Region is very advanced as regards implementation of the JESSICA initiative.
Background notes:
The mission of the EIB, the European Union’s bank, is to contribute to the integration, balanced development and economic and social cohesion of the EU Member States by financing sound investments.
JESSICA (Joint European Support for Sustainable Investment in City Areas) is one of the Cohesion Policy Joint Initiatives that were developed by the European Commission to contribute to making EU Cohesion Policy more efficient and sustainable. The JESSICA mechanism is based on cooperation between the Commission, the EIB and the Council of Europe Development Bank (CEB) and supports investments in sustainable urban development and regeneration.
This initiative, designed to increase the use of financial engineering instruments, allows Managing Authorities to use part of their European Structural Funds allocations to invest in revolving funds rather than providing one-off grant financing. By so doing, the Authorities can recycle financial resources in order to enhance and accelerate investment in urban areas. These investments, which may take the form of equity, loans and/or guarantees, are delivered to projects via Urban Development Funds and, if required, Holding Funds. The first JESSICA fund in Poland was initiated in Wielkopolska Region.
BOS is a bank founded by the National Fund for Environmental Protection and Water Management and other environmental organizations. Its main activities comprise corporate and retail banking, and provision of services to local and central governments. The bank specializes in financing environmental and energy projects.
Press contact:
For further details, please contact Mr Dušan Ondrejicka, d.ondrejicka@eib.org, tel.: +352-4379-83334 or visit the EIB’s website: http://www.eib.org