TAILIEUCHUNG - Energy Efficiency in Buildings: Combining New Financial Instruments with the MFF

Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil’s capital markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and. | Energy Efficiency in Buildings Combining New Financial Instruments with the MFF The example of JESSICA Frank Lee Head of Holding Funds and Advisory Northern Europe JESSICA and Investment Funds European Investment Bank March 2012 European Investment Bank - JESSICA and Investment Funds Overview of JESSICA I Joint European Support for Sustainable Investment in City Areas A management and advisory programme launched by the EU Commission in collaboration with EIB to assist Member States and regions to invest Structural Funds in urban projects including energy efficiency Overall JESSICA objectives Higher productivity of Structural Funds I public funds Increase efficiency and productivity of Structural Funds by making use of innovative and revolving financing instruments in the urban sector complementary to grant financing Leverage effect Mobilise additional public and private sector resources for the benefit of sustainable and integrated urban development schemes Expertise - new partnerships and synergies Utilise financial managerial and project implementation expertise from private sector or international financial institutions such as EIB European Investment Bank - JESSICA and Investment Funds 2 General JESSICA implementation model I EUROPEAN COMMISSION Structural Funds Grant not repayable as long as EC Regulations adhered to CITIES OTHER INVESTORS Public Private MEMBER STATE Via a designated Managing Authority Holding Fund HF optional Contribution repayable or non-repayable URBAN DEVELOPMENT FUND UDF Investment equity loan or guarantee IFIs Public Agencies Banks Projects forming part of an Integrated Plan for Sustainable Urban Development European Investment Bank - JESSICA and Investment Funds

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