02933nas a2200193 4500008004100000245008300041210006900124260003000193300001400223520221900237653002002456653001202476653003202488653002602520653003402546100002302580700001802603856011802621 2020 eng d00aJESSICA Initiative to Support Sustainable Urban Development Projects in Poland0 aJESSICA Initiative to Support Sustainable Urban Development Proj aWarsaw/BerlinbDe Gruyter a173–2043 a

The JESSICA initiative has been set up to respond to development needs of urban areas, which are of key importance for stimulation of sustainable economic growth. It is supposed to provide a more efficient alternative to the traditional EU grants for the implementation of developmental projects. The funding available under the JESSICA framework relies on a repayable and recyclable basis. This means that it not only offers revolving funds, increasing financing capacity of EU cohesion policy, but also creates scope for cooperation between public authorities, financial institutions, and private investors to support implementation of this policy. Since JESSICA supports projects being part of an integrated plan for sustainable urban development, its primary challenge is to combine the objectives focused on urban sustainability and policy intervention with revolving financial models that assume, in principle, the long-term viability of projects. However, taking into particular consideration the needs of urban areas and the EU cohesion policy objective on the one hand, and the organisation and operation of financing engineering instruments on the other, JESSICA seems to be a very ambitious undertaking. The evaluations carried out, up to now, have been mainly focused on its legal and institutional framework, or limited to some selected project. Our study concerns the assessment of all projects implemented within the framework of the JESSICA initiative in five Polish regions, namely: Pomorskie, Mazowieckie, Śląskie, Wielkopolskie and Zachodniopomorskie, in the years between 2007-2015. To do so, we designed a methodological approach for assessing the extent to which projects implemented under the JESSICA initiative have contributed to achieving its fundamental assumptions. Subsequently, we made an assessment of the results of JESSICA through the conceptual lens of sustainable urban development. The main findings show that the range of achieving the assumptions of the JESSICA funding model by projects diverges widely. Many projects were quite well adjusted to the requirements but there were also projects that fulfilled them to a very limited extent.

10acohesion policy10aJESSICA10arevenue-generating projects10arevolving instruments10asustainable urban development1 aMusiałkowska, Ida1 aIdczak, Piotr uhttps://www.euro.ue.poznan.pl/en/content/jessica-initiative-support-sustainable-urban-development-projects-poland01633nas a2200217 4500008004100000022001400041245008200055210007300137260001200210300001200222490001200234520092200246653003801168653002301206653001701229653003401246100001801280700002301298700001801321856007601339 2019 eng d a0079-349300aZdolność projektów JESSICA do oddziaływania na procesy rynkowe w miastach0 aZdolność projektów JESSICA do oddziaływania na procesy rynkowe w c10/2019 a202-2220 v273/2743 a

JESSICA initiative as a financial engineering instrument was introduced to enhance and accelerate investments in disadvantaged urban areas. The novel aspect of JESSICA is that this instrument should not only support and promote sustainable urban development but also provide incentives that lower risk capital investments and consequently allow to overcome existing market failures. Thus, the paper aims to identify whether JESSICA projects have contributed to generating positive market effects, as well as to indicate the factors that were most responsible for the occurrence of these phenomena. The results show that 75% out of all projects generated positive market effects in form of new jobs, services or products. The generation of revenues by particular project was the most influential factor determining the capacity of a given project to create positive markets effects.

10afinancial engineering instruments10aJESSICA initiative10aregeneration10asustainable urban development1 aIdczak, Piotr1 aMusiałkowska, Ida1 aMrozik, Karol uhttp://journals.pan.pl/dlibra/publication/131028/edition/114442/content01668nas a2200217 4500008004100000020002200041022001400063245012500077210007000202260001200272300001200284490000800296520092800304653003801232653001201270653001701282653003401299100002301333700001801356856007601374 2018 eng d a978-83-63563-51-6 a0079-349300aOcena dopasowania projektów realizowanych w ramach inicjatywy Jessica do potrzeb występujących na obszarach miejskich0 aOcena dopasowania projektów realizowanych w ramach inicjatywy Je c11/2018 a233-2460 v1843 a

Regeneration – an integrated process of activities undertaken in the spatial, social and economic dimensions should lead to the improvement of the living conditions of inhabitants of degraded urban areas. The European Union in 2007-2013 allocated financial resources for this purpose in the form of JESSICA initiative which is based on financial engineering mechanism. Experiences gained so far allow conclusions to be drawn that JESSICA is a highly financially-efficient instrument but, however, not always delivers the desired outcomes in the spatial and social sphere. The scope of projects often is limited to infrastructural investments and does not reflect the complexity of regeneration process. In the article the authors analyse experiences of the five Polish regions with the use of JESSICA, point out main problems and formulate recommendations for sustainable urban policy.

10afinancial engineering instruments10aJESSICA10aregeneration10asustainable urban development1 aMusiałkowska, Ida1 aIdczak, Piotr uhttp://journals.pan.pl/dlibra/publication/125745/edition/109724/contentno socket