KLC Law Firm and European Project JESSICA

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KLC has provided legal services to the European Investment Bank (EIB) in the negotiation, drafting and execution of the operational agreements regarding the establishment of the first two Urban Development Funds (UDFs) in Greece.  Managers of these UDFs are the consortium of Hellenic Postbank/ Pancretan Cooperative Bank (for the region of Crete) and National Bank of Greece (for the regions of Attica, Western Greece, the Ionian Islands and the Operational Programme “Environment and Sustainable Development”), respectively.

The two Greek UDFs are part of the European project JESSICA («Joint European Support for Sustainable Investment in City Areas»), which was developed by the European Commission and the EIB in cooperation with the Council of Europe Development Bank (CEB), in order to promote sustainable investments and foster development in urban areas. Resources from the EU Structural Funds in the total amount of approximately 100 million Euro will be allocated to the two said UDFs, while the managing banks will procure additional funds in the total tune of approximately 55 million Euro for the co-financing of eligible urban development projects.

The relevant agreements between the EIB and the consortium of Hellenic Postbank/ Pancretan Cooperative Bank and National Bank of Greece, were signed on November 24th and December 9th, 2011, respectively, in the presence of the Minister of Development, Competitiveness and Shipping Mr. Michalis Chrysohoidis.

Another three agreements are expected to be signed in the next two months, for the establishment of respective UDFs, which will manage the European financing resources and will co-finance urban development projects in the remaining regions of the country.

The KLC project team, handling the above case on behalf of EIB since June 2011, comprises Thomas Lamnidis, Panagiotis Tzioumas, Sotiria Sigalou and Giorgi Turdzeladge.

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