Cities today issue 12 | Page 55

SPONSORED STATEMENT JESSICA (Joint European Support for Sustainable Investment in City Areas) is a joint initiative between the European Commission and the EIB in collaboration with the Council of Europe Development Bank. It complements the EIB’s direct lending and assists with the allocation of EU Structural Funds to projects that are part of an integrated plan for sustainable urban development and regeneration. JESSICA enables these resources to be used for financing revenue-generating urban projects through Urban Development Funds (UDF). Such investments may take the form of equity, loans or guarantees and encourage the developme