European Commission clears support for urban regeneration projects in Greece

The European Commission has approved a Greek scheme aimed at supporting urban regeneration projects through the Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative.

According to a press release published by the Commission on Wednesday, the scheme was found in line with EU state aid rules that allow supporting the development of certain economic areas.

With a budget of some 258 million euros until the end of 2015, the JESSICA holding fund Greece is financed partly from EU structural funds and partly from state funding.

According to the Commission, five funds, selected through an open procedure, will provide loans and equity at sub-commercial terms to urban development projects. Private investors will provide at least 30 percent of the funding of each project’s costs.

JESSICA is a financial instrument set up by the Commission in tandem with the European Investment Bank (EIB) with the aim of supporting, along with private investors, urban regeneration projects.

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