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Whole zones of Scotland's towns and cities will benefit from cash for major regeneration work including new business spaces, wireless technology zones, green energy for social housing, renewing derelict sites and more efficient transport schemes.
The fund will help kick start regeneration schemes stalled by the recession, providing backing for projects struggling to get finance from commercial lenders.
Ministers have agreed the fund with the European Investment Bank, made up of cash from the European Commission and the Scottish Government, which will lever in additional investment from public and private sector partners.
Large-scale urban regeneration projects will benefit and the fund will continually recycle cash for new projects, by getting money back when projects start generating returns.
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Visiting Bridgeton Cross today to see how the east end of Glasgow is being transformed with the help of European and Scottish funding sources, Housing and Communities Minister Alex Neil said: "Regeneration is critical to boosting our economy and safeguarding jobs.
"This new flexible £50 million fund will help kick start a whole range of fantastic regeneration projects that will revitalise communities most in need and support economic recovery.
"Importantly by ensuring we recycle the cash investment, through an 'invest now, repay us later' model, we will support many key projects and leave a lasting legacy to fund regeneration in Scotland for many years."
Simon Brooks, European Investment Bank Vice President responsible for the United Kingdom said: "The European Investment Bank looks forward to supporting significant regeneration across Scotland's towns and cities.
"This will support economic recovery, revitalise local communities for the benefit of their inhabitants and attract additional much needed investment."
Johannes Hahn, Commissioner for Regional Policy, European Commission said: "I am delighted that JESSICA Scotland Fund is being launched today. The European Regional Development Fund will grant £24 million to this Fund that will boost regeneration and economic development in Scotland's deprived urban areas.
"The Jessica Fund encompasses a sustainable approach to regeneration by establishing an evergreen fund, by creating premises that will support economic growth, by focusing on land redevelopment and by supporting areas of social need.
"This fund can be recycled and re-invested and therefore provides a longer term contribution to economic development."
(GK)
