Advising the European Investment Bank on the financial model for the multi-apartment building renovation programme

Marius Matiukas together with his team advised the European Investment Bank (EIB) on legal issues related to the development of financial engineering instruments for an innovative European financial engineering project JESSICA (Joint European Support for Sustainable Investment in City Areas).

JESSICA is an initiative of the European Commission developed in cooperation with the European Investment Bank (EIB) and the Council of the European Development Bank. EIB is the manager of the Controlling Fund through which Lithuania implements the JESSICA initiative.

The project was launched in 2009 and is estimated at €259 million. In the framework of this project, proposals were made to EIB for the development of a more efficient legal system and draft operating contract to be concluded by the participating banks and EIB was drawn up and negotiated with participating banks.

Marius Matiukas and his team provided comprehensive advice on the interpretation of the EU and national legislation, proposed and drafted a number of draft amendments to national and other legislation, assisted in drawing up tender documents for the selection of participating banks, and drafted a host of other contractual documents concerning the development of financial engineering instruments. Marius Matiukas also contributed to the drafting of the first standard operating contract in Europe, which will be used as a basis for implementing the financial engineering instrument JESSICA. Under this contract EIB provides funding for banks and other financial institutions operating in Lithuania to be used for loans for implementing housing renovation programmes.

A large part of the project documents was drawn up in accordance with international practice. According to the first contract, JESSICA initiative is implemented in some other European Union Member States.