The main aims of the three initiatives are to improve the quality of projects financed by the Structural Funds and to promote recourse to financial engineering (using theoretical finance and computer modelling in decision-making), particularly to promote public-private partnerships.

The initiatives were originally presented by the Commission at the Ministerial meeting of 11 October 2005. On site work for JASPERS has already started. These initiatives, said Danuta Hübner, the Commissioner for Regional Policy, represent an “unprecedented change in the dynamics between the Commission and its European financial institution partners” - i.e., the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the European Investment Fund (EIF) and the Council of Europe Development Bank (CEB).

JASPERS, a partnership between the Commission, the EIB and the EBRD aims to offer technical expertise in preparing major projects to be co-financed by the Structural Funds mainly, although not exclusively in the new member states, during the next period 2007-2013. In concrete terms, authorities will be able to call on a group of experts based in the EIB offices in Luxembourg, to help in implementing a project of quality. A team of around 10 experts has already been established and according to Yvan Pilip, Vice- President of the Management Committee, several projects have already started.

JEREMIE and JESSICA will focus more on financial engineering. JEREMIE will help improve access to finance such as the supply of micro credit, venture capital, loan or guarantees for small and medium-sized enterprises (SMEs). The existing mechanism which allows member states to transform a percentage of income in terms of the cohesion policy is a first for the European Structural Funds. And, finally, JESSICA will help combine grants under the programmes for urban development and renewal, or social housing where appropriate.