Today, a Memorandum of Understanding was signed between the European Commission (EC), the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and the Kreditanstalt für Wiederaufbau (KfW) concerning the participation of KfW in JASPERS (Joint Assistance to Support Projects in European Regions).
JASPERS is a joint technical assistance facility established by the EC, the EIB and the EBRD in 2006 to assist the twelve EU Member States which joined the EU in 2004 and 2007 to prepare major investment projects that will be supported by EU Structural and Cohesion Funds.
From 1 July, KfW became the fourth partner in this joint enterprise. This cooperation will enable JASPERS to make use of KfW’s experience and professional expertise in the financing of projects and its long record of successful cooperation and project co-financing with the EIB and EBRD in a large number of different countries. KfW staff assigned to JASPERS will join the existing expert staff in the regional offices of JASPERS in Warsaw, Vienna and Bucharest.
The JASPERS facility is mainly involved in upgrading transport networks, including urban transport, environmental improvement, including water and solid waste projects, and investments improving energy efficiency and the development of renewable energy. It also covers large projects in other sectors eligible for EU assistance such as health, education and urban redevelopment.
There is no obligation on the beneficiaries of JASPERS to borrow from the EIB, EBRD and KfW, but if they wish the national authorities may ask the EIB or EBRD or KfW for financial support for the projects prepared with assistance from JASPERS.
Note for the editor:
The European Investment Bank (EIB), the European Union’s long-term financing institution, has been financing economically viable investment projects that contribute to the integration, balanced development and economic and social cohesion of the EU Member States since 1958. Implementing the Union’s regional policies by financing investment, particularly in less developed regions, is one of the EIB’s lending priorities.
KfW Bankengruppe is a development bank established in 1948. Its shareholders are the German federal government (80%) and the federal states (20%). It supports a broad range of investment projects worldwide and will bring additional experience and expertise to JASPERS, particularly in the areas of transport, environment and energy.
The European Bank for Reconstruction and Development (EBRD), established in 1991, has been working closely with the EIB and the European Commission on many projects. The EBRD’s mandate is to foster the transition from centrally planned to market economies in former communist countries by mobilising investment and promoting the necessary legislative and administrative frameworks.