The JESSICA fund already has contributed to the renewal of the historic center of Vila Real de Santo António, but there is now more money available for urban regeneration projects in the Algarve.
Administered by the Commission for Coordination and Regional Development in the Algarve the JESSICA fund so far has paid out €2.3 million in project grants since it started in 2010.
The investments made to date include the rehabilitation and economic renaissance of the historic center of Vila Real de Santo António, the construction of an outside shopping centre and the financing of a car park in Albufeira.
The JESSICA Fund initiative was launched jointly by the European Commission, the European Investment Bank, and the Development Bank of the Council of Europe to support the urban regeneration yet applications are needed for good projects, the money is out there but where are the plans? Vila Real de Santo António has benefitted from the new style centre of town, as could many more of the Algarve's tired venues.
In Portugal, this fund has dished out €100 million so far on 36 projects in 19 municipalities, creating along the way 626 direct jobs in the areas of tourism, real estate, trade and energy.
