KLC has provided legal services to the European Investment Bank for the establishment of three Urban Developments Funds in Greece

KLC Law Firm acted as external legal counsel for the European Investment Bank (EIB) in relation to the operational agreements for the establishment of another three Urban Development Funds (UDFs) in the context of the European Initiative JESSICA («Joint European Support for Sustainable Investment in City Areas»). Managers of these UDFs are EFG – Eurobank Ergasias (for the regions of Peloponnese and Mainland Greece), Piraeus Bank (for the regions of Central Macedonia and Thessaly) and Investment Bank of Greece (for the regions of Eastern Macedonia & Thrace, Western Macedonia, Epirus and North Aegean), respectively. The relevant agreements between the EIB and EFG – Eurobank Ergasias, Piraeus Bank and Investment Bank of Greece were signed on the 9th February, 2012, in the presence of the Deputy Minister of Development, Competitiveness and Shipping Mr. Thanos Moraitis. Hence, the contractual framework for the implementation of JESSICA Initiative in all regions concerned has been put in place given that another two UDFs were established to this effect in late 2011 pursuant to the operational agreements the EIB signed with the consortium of Pancretan Cooperative Bank/Hellenic Postbank (for the region of Crete) and National Bank of Greece (for the regions of Attica, Western Greece, the Ionian Islands and the contribution of Operational Programme “Environment and Sustainable Development”), respectively. The EIB has engaged KLC Law Firm as external legal counsel since May 2011 for the implementation of the JESSICA Initiative in Greece. The legal services rendered by KLC to the EIB on this matter comprised the formulation and adaptation of the operational agreements to the Greek Law, the advice on legal issues pertaining to lending and security arrangements and the assistance in the negotiations with the UDFs.