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    Financial Instruments in practice

    Financial Instruments in practice

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    Alongside the European Commission (EC) and the Council of Europe Development Bank (CEB), the EIB Group has played an active part in the 2007-2013 JESSICA initiative focused on urban development. We provided:

    • Advisory services in implementing JESSICA;
    • Fund management of Holding Funds;
    • Promotion of best practices across Europe.

    Through JESSICA, the EIB Group manages a series of eight Holding Funds in eight countries which make FIs available to improve local communities

    The London Green Fund – biogas plant

    The fund is made up of GBP 50m ERDF resources, GBP 32 from the Greater London Authority and GBP 18m from the London Waste and Recycling Board. It attracted well over GBP 75m in private funding, helping to finance, amongst other projects, the creation of a biogas plant which can process up to 50,000 tonnes of food and green waste while producing enough energy to power 2,000 homes and the world’s first food grade PET and HDPE plastic bottle recycling plant. Due to the leverage effect of this FI, GBP 10m of the GBP 21m investment in the plant came from private investors.

    The renovation of Lithuania’s apartment blocks

    The Holding Fund made up of EUR 150m ERDF and EUR 77m national contributions provides advantageous loans to apartment owners. This FI with contributions from three Lithuanian banks combines grants, loans and technical assistance. It helps buildings save on average 50% in energy consumption. So far, around 2,000 buildings decided to use JESSICA funds, 110 have signed financing contracts while 50 are already renovated.

    The urban regeneration of Lisbon’s historic centre

    The project transformed “Terreiro do Paço” from a parking area into a cultural and commercial space with five restaurants, one commercial space, one cultural space and one showroom on the history of Lisbon. This FI started with a JESSICA contribution of EUR 1.1m which attracted almost EUR 8.9m in private investments – almost nine times the initial finance.

    The urban infrastructure project of Los Mondragones in Granada

    Spain plans to transform a formerly-abandoned and closed military area in central Granada into an area with a shopping centre, sports facilities and a car park. Of the EUR 19.28m required, EUR 10m are JESSICA funds while the rest is private investments. The project should create 100 direct jobs and be finalised in September 2014.

    An overview of all Holding Funds managed by the EIB can be found on our list of Holding Funds and Urban Development Funds.