Scottish Government

The Scottish Government has announced the composition of the Joint European Support for Sustainable Investment in City Areas (JESSICA) Investment Board, which will work alongside the European Investment Bank (EIB) to determine how the £50 million regeneration investment fund should be invested.

Following an open recruitment process, David Bell, Steve Inch and Jeff Thornton have been appointed as Board members. The two other members will be Scottish Government officials: Gordon Wales, Deputy Director, Finance Programme Management; and Diane McLafferty, Deputy Director for Regeneration, who will chair the Board. Each member will have a two-year term, with re-appointment possible.

Board members

• David Bell is currently Managing Director of Ayr Renaissance LLP. He has a range of relevant experience, in both public and private sectors, having previously worked for CB Richard Ellis and Scottish Enterprise.
• Steve Inch has over 30 years of economic development and regeneration experience. During his career at Glasgow City Council, where he was Executive Director for Development and Regeneration Services, Steve helped develop and implement a wide range of economic, social and physical regeneration programmes in the city.
• Jeff Thornton has extensive experience across public and private sectors, leading on the development of Private Finance Initiative (PFI) schemes while at the Royal Bank of Scotland and advising on various large-scale regeneration initiatives while at Ernst & Young.

What will the Investment Board do?

The Investment Board will work with the EIB to determine how JESSICA resources should be invested in Scotland. In the first instance, the Board will consider and agree an overall investment strategy for the fund. They will then oversee a procurement exercise, to be run by the EIB, to identify Urban Development Funds (UDFs). The Board will then consider recommendations from the EIB and approve suitable UDFs and their project pipelines. In addition, the Board will monitor the performance of the EIB as Holding Fund Manager; and that of the fund, reviewing progress and updating Ministers where appropriate.

Commenting on their aspirations for the future of JESSICA in Scotland Alex Neil, Minister for Housing and Communities and the new external board members said:

• "I am delighted that we have appointed such talented people to the JESSICA Investment Board. The fund will be a major tool to help deliver regeneration through times of economic uncertainty. Against a backdrop of falling budgets, it is vital that we pursue innovative new approaches to financing and managing regeneration projects. We want to maximise leverage from other sources - from Europe and the private sector; and drive as much value as possible from the £50m investment we are making in the JESSICA fund. I am delighted that we are able to draw on the expertise and experience of David, Steve and Jeff, working alongside the Scottish Government and the European Investment Bank."Alex Neil
• "It's a pleasure and a privilege to join the JESSICA Investment Board. I look forward to working with fellow Board members and partners to ensure this funding makes a real difference for communities across Scotland. Regeneration doesn't just transform environments - ­ it changes our communities for the better and genuinely helps improve quality of life. This is an exciting initiative for Scotland and one which I am proud to be part of."David Bell
• "Over my career I've managed a wide range of projects where the availability of ERDF funding has made the difference between them either proceeding or stalling. I'm also aware that many projects can proceed with loan funding rather than the more traditional ERDF route of grant funding, and am looking forward to playing my part in managing the JESSICA programme which provides the basis for more innovative use of the funding which is available."Steve Inch
• "I am looking forward very much to working with Investment Board colleagues and the EIB to encourage and assist the use of JESSICA for regeneration projects in Scotland's deprived communities. JESSICA definitely has the potential to bridge funding gaps to make projects happen which would otherwise not go ahead."Jeff Thornton

The first meeting of the Investment Board will be held in Edinburgh on November 9, 2010. Future updates on the progress of the JESSICA Fund in Scotland and the work of the Board will be provided over the coming months.