The EIB has signed today an agreement establishing an Urban Development Fund (UDF) with the Consortium of Pancretan Cooperative Bank and TT Hellenic Postbank (Consortium) to invest in Urban Projects in the Region of Crete.  The EIB acted in its capacity as the Manager of the JESSICA Holding Fund Greece.

The European Investment Bank (EIB) has signed today an agreement establishing an Urban Development Fund (UDF) with the Consortium of Pancretan Cooperative Bank and TT Hellenic Postbank (Consortium) to invest in Urban Projects in the Region of Crete.  The EIB acted in its capacity as the Manager of the JESSICA Holding Fund Greece.

Aiming at more competitive, socially inclusive and sustainable urban areas in Crete, the UDF managed by the Consortium will invest some EUR 15 million in the next four years.  Its investment portfolio may include urban projects such as: rehabilitation of deprived urban areas, basic infrastructure works, development of high-technology clusters and added value infrastructure, water and waste management, energy networks, energy efficiency.

The UDF operates in the framework of a JESSICA Holding Fund within the EIB, established in 2010 in cooperation with the Ministry of Development, Competitiveness and Shipping, with the aim to deploying EU Structural Funds for revitalisation investments in city areas.

EIB Vice-President Plutarchos Sakellaris, who earlier today presented at a public ceremony together with Alternate Minister of Interior, Mr Paris Koukoulopoulos the financing of smart grids on five Aegean islands through the ELENA initiative, commented: “The EIB is present and active in supporting investment and development in Greece.  We are affiliating with the local authorities for reaching out to the Greek citizens in the periphery. We focus on high added-value areas such as climate action and urban revitalisation.  We apply state-of the art know-how and make effective and efficient use of EU funding through initiatives such as JESSICA and ELENA.  The experience and good track record of our Greek counterparts such as the DAFNI network and PPC, as well as the Pancretan Cooperative Bank and TT Hellenic Postbank, assure the successful implementation of the investment programmes.”