JESSICA Fund

Meeting: 
MQT on 2009-11-18
Session date: 
November 18, 2009
Reference: 
2009/3262
Question By: 
Mike Tuffrey
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

You announced the £100m JESSICA fund on 21 October. Will this fund be administered by the London Waste and Recycling Board, over what timescale, and when can we expect the first funding to be made?

Answer

Answer for JESSICA Fund

Answer for JESSICA Fund

Answered By: 
The Mayor

The £100m 'JESSICA' holding fund is administered by the European Investment Bank (EIB). It comprises cash from the European Regional Development Fund and London Waste and Recycling Board (LWarB) and sites contributed by the London Development Agency (LDA).

An Investment Board including LWaRB and LDA Board members and officers, chaired by the Greater London Authority, will take decisions on investment of the JESSICA fund, based on EIB's recommendations.

EU rules require that final investments are made by 2015. First funding to projects will be made in 2011, following procurement and set-up of the decentralised energy and waste 'urban development fund' managers underneath the holding fund in 2010.