In a new version of the consolidated text of the Council laying down general provisions on Structural Funds, the Council add to the three existing Community initiatives, a fourth : the URBAN initiative, wich will finance the economic and social regeneration of cities and urban neighbourhoods in crisis with a view to promoting sustainable urban development.
This initiative would have a budget of EURO 700 Million for the 2000-2006 period in addition to the previously agreed INTERREG (cross-border cooperation), EQUAL (cooperation to combat discrimination in the labour market) and LEADER (rural development) initiatives.
This modification was made after several consultations with the European Parliament which asked that the URBAN initiative be maintained.�