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JASPERS, JEREMIE & JESSICA Financial engineering in the European Structural Funds 2007-13 DG REGIO

JASPERS, JEREMIE & JESSICA Financial engineering in the European Structural Funds 2007-13 DG REGIO. Bridging financial gaps.

michaelhoward
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JASPERS, JEREMIE & JESSICA Financial engineering in the European Structural Funds 2007-13 DG REGIO

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  1. JASPERS, JEREMIE & JESSICAFinancial engineering in the European Structural Funds 2007-13DG REGIO

  2. Bridging financial gaps • Three joint initiatives between Commission and international financial institutions (IFIs) to increase investment, leverage Structural Funds money, and improve regional/national capacities: • JASPERS – Joint Assistance to Support Projects in European Regions • JEREMIE – Joint European Resources for Micro to Medium Enterprises • JESSICA - JointEuropeanSupportfor SustainableInvestmentinCityAreas

  3. What is JASPERS? • ‘Joint Assistance to Support Projects in European Regions’ • A technical assistance partnership to prepare major projects between DG REGIO, EIB and EBRD • Objective: increasing the capacity of the beneficiary countries to make the best use of EU funding • ‘Value added: drawing on past experience and expertise of the EIB and the EBRD in a more structured and coordinated way than in the past.

  4. JASPERS activities • Concentrate on priority countries: the 12 ‘new’ Member States • JASPERS concentrates on major projects : • Transport €50 million> • Environment and other sectors €25 million> • JASPERS priorities are : • large projects supported by the Cohesion Fund and the ERDF (to be intepreted flexibly in the smaller countries) • other Cohesion Fund projects • other ERDF projects • Horizontal issues covering more than one country/sector

  5. How will JASPERS operate? • Assistance can be provided as required from the early stages of a project through to the decision to grant assistance (by the Commission or the Member State depending on the size of project) • JASPERS covers preparatory work required to deliver a mature project e.g. • Advice on conceptual development and project structuring • Advice on project preparation e.g. cost-benefit analysis, financial analysis, environmental issues, procurement planning. • Review of documentation: feasibility studies, technical design, tender documents. • Advice on compliance with EU law (environmental, competition and others) and conformity with EU policies

  6. JASPERS: free and voluntary • JASPERS assistance is free of charge to the beneficiary • There is no obligation on the Member States to use JASPERS • There is no obligation on a Member State which benefits from JASPERS to borrow from the EIB or the EBRD • There is no obligation on the EIB or the EBRD to lend to projects prepared using JASPERS • There is no exclusion of EIB or EBRD lending to projects benefiting from JASPERS

  7. Legal Responsibilities • JASPERS does not change existing legal responsibilities • Member States are the 'owners' of the project, not JASPERS; they submit the standard applications as required by the Regulations • Preparation of a project by JASPERS does not guarantee approval of the project by the Commission • The ultimate legal responsibility to grant assistance remains with the Commission

  8. Action Plans • Priorities and objectives of JASPERS will be set out each year in an Action Plan agreed between JASPERS and the beneficiary country • Close coordination of JASPERS operations with DG REGIO country desks • Horizontal issues may also be included in the Action Plan

  9. Why JEREMIE? • Enhanced access to finance for SMEs in the regions is needed • Renewed Lisbon Strategy and CSG stress the need to enhance: - market driven - sustainable - financial products and instruments for SMEs • JEREMIE combines resources from Operational Programmes + EIB + other IFIs, banks & financial intermediaries, investors

  10. Programming • Evaluation reports, carried out by EIF, to assess gaps in market and needs for SME finance in individual regions • Propose appropriate market-driven instruments • National authorities use evaluation and proposed action plan to prepare operational programmes

  11. Holding Fund options • Member States/Managing Authorities have the choice: • Directly use EIF for holding fund task • Tender for organisation to carry out the task (NB EIF may also tender) • MS/MA signs funding agreement with holding fund • Funds from OP contributed to holding fund – cannot then be withdrawn before 2015 • Supplementary funds may be contributed from OP later • Loans etc. repaid must be recycled to provide further support to SMEs

  12. Selecting Financial Intermediaries • Holding Fund proceeds to Call for expression of interest addressed to financial intermediaries. • Holding Fund evaluates, MAs and HF select, and HF accredits financial intermediaries • Accreditation subject to periodic review • Holding Fund contributes equity, loans or guarantees to selected financial intermediaries

  13. What kind of support? • Financial intermediaries evaluate investment proposals submitted by SMEs, and support them with: - Equity and Venture capital, Mezzanine financing, Guarantees, Loans • Advice and assistance • Micro-credit operators provide up to €25.000 to: • Micro enterprises, 1-10 staff • First time entrepreneurs • Young or old entrepreneurs • Women • Minorities, unemployed, etc.

  14. WHY JESSICA? • Increasing investment needs for sustainable cities and towns • Available public funds are scarce & need to avoid increasing public debt burden • Need for private and banking sector contribution, in particular expertise/know-how • Administrative and technical capacity within urban authorities often does not correspond to investment needs • JESSICA is an optional facility for the 2007-13 programming period

  15. How JESSICA works • Under JESSICA grants from Operational Programmes (OPs), may be “transformed”: • into repayable and recyclable assistance, • to PPPs and other projects for urban renewal and development contributing to: • Urban Development Funds (UDF), and • Holding Funds (HF) - optional

  16. UDFs AND HOLDING FUNDS • Urban Development Funds invest in: - PPPs - other urban projects, included in Integrated Urban Development Plans (IUDP) • Holding Funds invest in several UDFs

  17. SELECTION OF UDFs OR HFs • MAs publish call for expression of interest, evaluate and select UDFs • Tendering for holding funds (optional) • MS or MA may award directly to the EIB the holding fund tasks (optional) • MAs negotiate and sign funding agreements (FA) with selected holding funds or UDFs

  18. Implementation • UDFs invest in projects based on funding agreement • Projects could also receive grant assistance from OPs, • Grants from OPs can finance the equity gap of projects • JESSICA Projects fall within the ERDF scope of intervention • When resources invested under JESSICA are paid back to the UDF, before or after 2015, they must be reinvested in urban projects

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