# EUR-Lex - 41976A0165 - EN

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# 41976A0165

**76/165/EEC: Internal Agreement on the financing and administration of Community aid **

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Official Journal L 025 , 30/01/1976 P. 0168 - 0177 *

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( 1 ) OJ N L 104 , 24 . 4 . 1975 , P . 35 .

INTERNAL AGREEMENT

ON THE FINANCING AND ADMINISTRATION OF COMMUNITY AID

( 76/165/EEC )

THE REPRESENTATIVES OF THE GOVERNMENTS OF THE MEMBER STATES , MEETING WITHIN THE COUNCIL ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY ( HEREINAFTER CALLED THE " TREATY " ) ,

WHEREAS THE ACP-EEC CONVENTION OF LOME ( HEREINAFTER CALLED THE " CONVENTION " ) SET THE AGGREGATE AMOUNT OF COMMUNITY AID TO THE ACP STATES AT 3 390 MILLION UNITS OF ACCOUNT ;

WHEREAS THE REPRESENTATIVES OF THE GOVERNMENTS OF THE MEMBER STATES , MEETING WITHIN THE COUNCIL , AGREED ON 16 JANUARY 1975 TO SET AT 150 MILLION UNITS OF ACCOUNT THE AMOUNT OF AID TO BE BORNE BY THE EUROPEAN DEVELOPMENT FUND FOR THE BENEFIT OF THE OVERSEAS COUNTRIES AND TERRITORIES HAVING SPECIAL RELATIONS WITH FRANCE , THE NETHERLANDS AND THE UNITED KINGDOM ( HEREINAFTER CALLED " COUNTRIES AND TERRITORIES " ) AND THE FRENCH OVERSEAS DEPARTMENTS ; WHEREAS , PROVISION IS ALSO MADE FOR LOANS TO THE AMOUNT OF 10 MILLION UNITS OF ACCOUNT GRANTED BY THE EUROPEAN INVESTMENT BANK ( HEREINAFTER CALLED THE " BANK " ) FROM ITS OWN RESOURCES IN THE COUNTRIES AND TERRITORIES AND IN THE FRENCH OVERSEAS DEPARTMENTS ;

WHEREAS IN A DECISION OF 21 APRIL 1975 ( 1 ) , THE COUNCIL ACTUALLY DEFINED THE UNIT OF ACCOUNT APPLICABLE UNDER THE CONVENTION ;

WHEREAS , IN ORDER TO IMPLEMENT THE CONVENTION AND THE DECISION CONCERNING THE COUNTRIES AND TERRITORIES ( HEREINAFTER CALLED THE " DECISION " ) , A FOURTH EUROPEAN DEVELOPMENT FUND SHOULD BE ESTABLISHED AND A PROCEDURE SHOULD BE LAID DOWN FOR THE PROVISION OF FUNDS AND FOR CONTRIBUTIONS FROM MEMBER STATES TO THESE FUNDS ;

WHEREAS THE RULES FOR THE MANAGEMENT OF FINANCIAL CO-OPERATION SHOULD BE DETERMINED , THE PROCEDURE FOR PROGRAMMING , EXAMINING AND APPROVING AID SHOULD BE DECIDED AND THE DETAILED RULES FOR SUPERVISING THE USE OF THE AID SHOULD BE DEFINED ;

WHEREAS A COMMITTEE OF REPRESENTATIVES OF THE GOVERNMENTS OF THE MEMBER STATES SHOULD BE SET UP UNDER THE AUSPICES OF THE COMMISSION AND A SIMILAR COMMITTEE SHOULD BE SET UP UNDER THE AUSPICES OF THE BANK ;

WHEREAS THE WORK DONE BY THE COMMISSION AND THE BANK TO APPLY THE CONVENTION AND THE CORRESPONDING PROVISIONS OF THE DECISION SHOULD BE HARMONIZED ; WHEREAS IT IS THEREFORE DESIRABLE THAT , AS FAR AS POSSIBLE , THE COMPOSITION OF THE COMMITTEES SET UP UNDER THE AUSPICES OF THE COMMISSION AND OF THE BANK SHOULD BE IDENTICAL ;

WHEREAS THE COUNCIL ADOPTED ON 16 JULY 1974 A RESOLUTION ON THE HARMONIZATION AND COORDINATION OF MEMBER STATES' COOPERATION POLICIES ;

AFTER CONSULTING THE COMMISSION OF THE EUROPEAN COMMUNITIES ,

HAVE AGREED AS FOLLOWS :

CHAPTER I

ARTICLE 1

1 . THE MEMBER STATES HEREBY SET UP A EUROPEAN DEVELOPMENT FUND ( 1975 ) ( HEREINAFTER CALLED THE " FUND " ) .

2 . THE FUND SHALL CONSIST OF 3 150 MILLION UNITS OF ACCOUNT TO BE FINANCED BY THE MEMBER STATES AS FOLLOWS :

BELGIUM 196 * 875 MILLION UNITS OF ACCOUNT

DENMARK 75 * 600 MILLION UNITS OF ACCOUNT

GERMANY 817 * 425 MILLION UNITS OF ACCOUNT

FRANCE 817 * 425 MILLION UNITS OF ACCOUNT

IRELAND 18 * 900 MILLION UNITS OF ACCOUNT

ITALY 378 * 000 MILLION UNITS OF ACCOUNT

LUXEMBOURG 6 * 300 MILLION UNITS OF ACCOUNT

NETHERLANDS 250 * 425 MILLION UNITS OF ACCOUNT

UNITED KINGDOM 589 * 050 MILLION UNITS OF ACCOUNT

3 . THE AMOUNT STATED IN PARAGRAPH 2 SHALL BE ALLOCATED AS FOLLOWS :

( A ) 3 000 MILLION UNITS OF ACCOUNT FOR THE ACP STATES , COMPRISING :

2 100 MILLION UNITS OF ACCOUNT IN THE FORM OF GRANTS

430 MILLION UNITS OF ACCOUNT IN THE FORM OF SPECIAL LOANS

95 MILLION UNITS OF ACCOUNT IN THE FORM OF RISK CAPITAL

375 MILLION UNITS OF ACCOUNT IN THE FORM OF TRANSFERS PURSUANT TO TITLE II OF THE CONVENTION ;

( B ) 130 MILLION UNITS OF ACCOUNT FOR THE COUNTRIES AND TERRITORIES AND THE FRENCH OVERSEAS DEPARTMENTS , COMPRISING :

65 MILLION UNITS OF ACCOUNT IN THE FORM OF GRANTS

40 MILLION UNITS OF ACCOUNT IN THE FORM OF SPECIAL LOANS

5 MILLION UNITS OF ACCOUNT IN THE FORM OF RISK CAPITAL

20 MILLION UNITS OF ACCOUNT AS A RESERVE .

( C ) 20 MILLION UNITS OF ACCOUNT IN THE FORM OF TRANSFERS FOR THE COUNTRIES AND TERRITORIES , PURSUANT TO THOSE PROVISIONS OF THE DECISION WHICH CONCERN THE SYSTEM FOR STABILIZING EXPORT EARNINGS .

4 . WHERE A COUNTRY OR TERRITORY WHICH HAS BECOME INDEPENDENT ACCEDES TO THE CONVENTION , THE AMOUNTS INDICATED IN PARAGRAPH 3 ( B ) ABOVE SHALL BE REDUCED AND THOSE INDICATED IN PARAGRAPH 3 ( A ) ABOVE CORRESPONDINGLY INCREASED BY A DECISION TAKEN BY THE COUNCIL ACTING UNANIMOUSLY ON A PROPOSAL FROM THE COMMISSION .

5 . IN THIS CASE , THE COUNTRY CONCERNED WILL CONTINUE TO BE ELIGIBLE FOR THE FUNDS PROVIDED FOR IN PARAGRAPH 3 ( C ) , SUBJECT TO THE MANAGEMENT RULES LAID DOWN IN TITLE II OF THE CONVENTION .

ARTICLE 2

TO THE AMOUNT LAID DOWN IN ARTICLE 1 ( 2 ) SHALL BE ADDED UP TO 400 MILLION UNITS OF ACCOUNT IN THE FORM OF LOANS GRANTED BY THE BANK FROM ITS OWN RESOURCES UNDER THE CONDITIONS LAID DOWN BY IT IN ACCORDANCE WITH ITS STATUTE .

THESE LOANS SHALL BE ALLOCATED AS FOLLOWS :

( A ) UP TO THE AMOUNT OF 390 MILLION UNITS OF ACCOUNT , FOR FINANCING OPERATIONS TO BE CARRIED OUT IN THE ACP STATES ;

( B ) UP TO THE AMOUNT OF 10 MILLION UNITS OF ACCOUNT , FOR FINANCING OPERATIONS TO BE CARRIED OUT IN THE COUNTRIES AND TERRITORIES AND THE FRENCH OVERSEAS DEPARTMENTS .

ARTICLE 3

THE UNIT OF ACCOUNT USED FOR APPLYING THIS AGREEMENT SHALL BE THAT DEFINED IN THE COUNCIL DECISION OF 21 APRIL 1975 ON THE DEFINITION AND CONVERSION OF THE EUROPEAN UNIT OF ACCOUNT USED FOR EXPRESSING THE AMOUNTS OF AID MENTIONED IN ARTICLE 42 OF THE ACP-EEC CONVENTION OF LOME .

ARTICLE 4

DURING THE FIRST TWO YEARS OF APPLICATION OF THE CONVENTION , AN AMOUNT OF UP TO 40 MILLION UNITS OF ACCOUNT MAY BE COMMITTED IN THE FORM OF RISK CAPITAL .

THE COMMISSION AND THE BANK SHALL SUBMIT A JOINT REPORT TO THE COUNCIL ON THE EXPERIENCE OF THE FIRST TWO YEARS . IN THE LIGHT OF THIS REPORT , THE COUNCIL MAY REVIEW THE AMOUNT MADE AVAILABLE TO THE BANK , WITHIN THE LIMIT OF THE CEILING OF 100 MILLION UNITS OF ACCOUNT LAID DOWN IN ARTICLE 1 ( 3 ) ( A ) AND ( B ) , AND ANY SUMS MADE AVAILABLE SHALL BE ADDED TO THE FUNDS EARMARKED FOR SPECIAL LOANS .

ARTICLE 5

AN AMOUNT OF UP TO 100 MILLION UNITS OF ACCOUNT SHALL BE SET ASIDE FROM THE GRANT AID SPECIFIED IN ARTICLE 1 ( 3 ) ( A ) AND ( B ) FOR FINANCING THE INTEREST RATE SUBSIDIES REFERRED TO IN ARTICLE 5 OF PROTOCOL N 2 TO THE CONVENTION AND IN THE CORRESPONDING PROVISIONS OF THE DECISION . ANY PART OF THIS AMOUNT NOT COMMITTED BY THE END OF THE PERIOD DURING WHICH LOANS ARE GRANTED BY THE BANK SHALL BECOME AVAILABLE AS GRANT AID AGAIN .

THE COUNCIL MAY DECIDE , ON A PROPOSAL FROM THE COMMISSION DRAWN UP IN AGREEMENT WITH THE BANK , TO RAISE THIS CEILING .

ARTICLE 6

WITH THE EXCEPTION OF LOANS GRANTED BY THE BANK FROM ITS OWN RESOURCES , ALL FINANCIAL OPERATIONS UNDERTAKEN FOR THE BENEFIT OF THE ACP STATES , THE COUNTRIES AND TERRITORIES AND THE FRENCH OVERSEAS DEPARTMENTS SHALL BE CARRIED OUT IN ACCORDANCE WITH THE CONDITIONS LAID DOWN IN THIS AGREEMENT AND SHALL BE CHARGED TO THE FUND .

ARTICLE 7

1 . WITHIN ONE MONTH OF THE ENTRY INTO FORCE OF THE CONVENTION , AND SUBSEQUENTLY BEFORE 1 SEPTEMBER EACH YEAR , THE COMMISSION SHALL DRAW UP ESTIMATES OF THE COMMITMENTS TO BE ENTERED INTO DURING THE BUDGET YEAR , TAKING INTO ACCOUNT THE BANK'S FORECASTS IN RESPECT OF THE OPERATIONS WHICH IT MANAGES , AND SHALL COMMUNICATE THESE ESTIMATES TO THE COUNCIL .

2 . IN THE SAME MANNER , THE COMMISSION SHALL ESTABLISH AND COMMUNICATE TO THE COUNCIL THE TOTAL AMOUNT OF THE PAYMENTS TO BE MADE IN THE BUDGET YEAR IN QUESTION . ON THE BASIS OF THIS AMOUNT AND TAKING INTO ACCOUNT CASH REQUIREMENTS , INCLUDING THOSE ARISING FROM EXPENDITURE INCURRED IN IMPLEMENTING THE SYSTEM REFERRED TO IN TITLE II OF THE CONVENTION AND IN THE CORRESPONDING PROVISIONS OF THE DECISION , THE COMMISSION SHALL DRAW UP A SCHEDULE OF CALLS FOR CONTRIBUTIONS DETERMINING THE DATES ON WHICH PAYMENT IS DUE ; THE DETAILED RULES FOR PAYMENT OF SUCH CONTRIBUTIONS BY THE MEMBER STATES SHALL BE DETERMINED BY THE FINANCIAL REGULATION REFERRED TO IN ARTICLE 30 . THIS SCHEDULE SHALL BE SUBMITTED BY THE COMMISSION TO THE COUNCIL , WHICH SHALL DECIDE THEREON BY THE QUALIFIED MAJORITY LAID DOWN IN ARTICLE 18 ( 4 ) .

IF THE CONTRIBUTIONS ARE INSUFFICIENT TO MEET THE ACTUAL REQUIREMENTS OF THE FUND IN THE BUDGET YEAR IN QUESTION , THE COMMISSION SHALL SUBMIT PROPOSALS FOR SUPPLEMENTARY PAYMENTS TO THE COUNCIL WHICH SHALL DECIDE THEREON AS SOON AS POSSIBLE BY THE QUALIFIED MAJORITY LAID DOWN IN ARTICLE 18 ( 4 ) .

3 . UNTIL USED BY THE COMMISSION FOR FINANCING PROJECTS , PROGRAMMES OR TRANSFERS ADOPTED UNDER THE CONDITIONS LAID DOWN IN ARTICLES 11 TO 21 AND 26 TO 30 , THE FUNDS OBTAINED FROM THE CALLS FOR CONTRIBUTIONS REFERRED TO IN PARAGRAPH 2 SHALL REMAIN DEPOSITED IN SPECIAL ACCOUNTS OPENED BY EACH MEMBER STATE WITH ITS TREASURY OR WITH SUCH BODIES AS IT MAY DESIGNATE , IN ACCORDANCE WITH THE DETAILED RULES LAID DOWN BY THE FINANCIAL REGULATION REFERRED TO IN ARTICLE 30 .

4 . FROM THE DATE ON WHICH PAYMENT IS DUE AND THROUGHOUT THE PERIOD OF THEIR DEPOSIT IN THE SPECIAL ACCOUNTS REFERRED TO IN PARAGRAPH 3 , THE FUNDS SHALL RETAIN THE VALUE IN UNITS OF ACCOUNT CORRESPONDING TO THE EXCHANGE RATE APPLYING IN RELATION TO THE UNIT OF ACCOUNT ON THE DATE WHEN PAYMENT FELL DUE . THE ARRANGEMENTS FOR IMPLEMENTING THIS PARAGRAPH WILL BE DEFINED IN THE FINANCIAL REGULATION REFERRED TO IN ARTICLE 30 .

ARTICLE 8

1 . ANY REMAINING BALANCE OF THE FUND SHALL BE USED UP IN ACCORDANCE WITH THE SAME RULES AS THOSE LAID DOWN IN THE CONVENTION , THE DECISION AND THIS AGREEMENT .

2 . UPON EXPIRY OF THIS AGREEMENT , MEMBER STATES SHALL STILL BE OBLIGED TO PAY , AS PROVIDED IN ARTICLE 7 , THAT PORTION OF THEIR CONTRIBUTIONS NOT YET CALLED FOR .

ARTICLE 9

1 . THE MEMBER STATES UNDERTAKE TO ACT AS GUARANTOR FOR THE BANK , WAIVING ANY RIGHT TO OBJECT AND IN PROPORTION TO THEIR CONTRIBUTIONS TO ITS CAPITAL , IN RESPECT OF ALL FINANCIAL COMMITMENTS ARISING FOR ITS BORROWERS OUT OF THE LOAN CONTRACTS CONCLUDED BY THE BANK IN RESPECT OF ITS OWN RESOURCES IN IMPLEMENTATION OF THE CONVENTION AND THE DECISION .

2 . THIS GUARANTEE SHALL COVER ALL RISKS AND SHALL BE RESTRICTED TO 30 % OF THE TOTAL AMOUNT OF THE CREDITS OPENED BY THE BANK UNDER THE LOAN CONTRACTS .

3 . THE UNDERTAKINGS ARISING FROM PARAGRAPHS 1 AND 2 SHALL BE THE SUBJECT OF CONTRACTS OF GUARANTEE BETWEEN EACH MEMBER STATE AND THE BANK .

4 . SHOULD THE COMMUNITY CONCLUDE NEW AGREEMENTS PROVIDING FOR FINANCING OPERATIONS BY THE BANK FROM ITS OWN RESOURCES FOR COUNTRIES OUTSIDE THE COMMUNITY , THIS ARTICLE COULD , UNDER CONDITIONS AGREED WITH THE BANK , BE SUPPLEMENTED IN SUCH A WAY AS TO MAKE THE MEMBER STATES' GUARANTEE APPLY GLOBALLY , ACCORDING TO THE PERCENTAGE SET OUT IN PARAGRAPH 2 , TO THE LOANS THUS GRANTED TO THE COUNTRIES IN QUESTION .

ARTICLE 10

1 . PAYMENTS MADE TO THE BANK IN RESPECT OF SPECIAL LOANS GRANTED TO THE ACP STATES , THE COUNTRIES AND TERRITORIES AND THE FRENCH OVERSEAS DEPARTMENTS SINCE 1 JUNE 1964 , AS WELL AS THE PROCEEDS AND INCOME FROM RISK CAPITAL OPERATIONS UNDERTAKEN SINCE 1 FEBRUARY 1971 FOR THE BENEFIT OF THOSE STATES , COUNTRIES , TERRITORIES AND DEPARTMENTS , SHALL BE CREDITED TO THE MEMBER STATES IN PROPORTION TO THEIR CONTRIBUTIONS TO THE FUND FROM WHICH THE SUMS ARE DERIVED , UNLESS THE COUNCIL DECIDES UNANIMOUSLY , ON A PROPOSAL FROM THE COMMISSION , TO PLACE THEM IN RESERVE OR ALLOCATE THEM TO OTHER OPERATIONS .

ANY COMMISSION DUE TO THE BANK FOR MANAGING THE LOANS AND OPERATIONS REFERRED TO IN THE FIRST SUBPARAGRAPH SHALL BE DEDUCTED IN ADVANCE FROM THESE SUMS .

2 . THE AMOUNT OF THE GRANTS FROM THE FUND , AS FIXED IN ARTICLE 1 ( 3 ) ( A ) , SHALL BE SUPPLEMENTED BY ANY OTHER REVENUE ACCRUING TO THE FUND .

CHAPTER II

ARTICLE 11

1 . SUBJECT TO ARTICLES 18 TO 21 AND WITHOUT PREJUDICE TO THE BANK'S RESPONSIBILITIES FOR THE ADMINISTRATION OF CERTAIN FORMS OF AID , THE FUND SHALL BE ADMINISTERED BY THE COMMISSION IN ACCORDANCE WITH THE RULES LAID DOWN BY THE FINANCIAL REGULATION REFERRED TO IN ARTICLE 30 .

2 . SUBJECT TO ARTICLES 22 TO 24 , RISK CAPITAL AND INTEREST RATE SUBSIDIES FINANCED FROM THE FUND'S RESOURCES SHALL BE ADMINISTERED BY THE BANK ON BEHALF OF THE COMMUNITY IN ACCORDANCE WITH ITS STATUTE AND THE RULES LAID DOWN BY THE FINANCIAL REGULATION REFERRED TO IN ARTICLE 30 .

ARTICLE 12

THE COMMISSION SHALL BE RESPONSIBLE FOR IMPLEMENTING THE AID POLICY DEFINED BY THE COUNCIL AND THE GENERAL GUIDELINES FOR FINANCIAL AND TECHNICAL CO-OPERATION DEFINED BY THE COUNCIL OF ACP-EEC MINISTERS PURSUANT TO ARTICLE 41 OF THE CONVENTION .

ARTICLE 13

1 . THE COMMISSION AND THE BANK SHALL PERIODICALLY PROVIDE EACH OTHER WITH APPROPRIATE INFORMATION ON THE REQUESTS MADE TO THEM FOR FINANCE AND ON PRELIMINARY CONTACTS MADE WITH THEM BY THE RELEVANT BODIES OF THE ACP STATES , OR OF THE COUNTRIES AND TERRITORIES OR THE FRENCH OVERSEAS DEPARTMENTS , OR OTHER RECIPIENTS OF AID AS PROVIDED FOR IN ARTICLE 49 OF THE CONVENTION AND IN THE CORRESPONDING PROVISIONS OF THE DECISION , BEFORE THEIR REQUESTS WERE SUBMITTED .

THIS INFORMATION SHALL BE PROVIDED NOT LATER THAN THREE MONTHS AFTER THE REQUEST HAS BEEN MADE OR PRELIMINARY CONTACTS HAVE BEEN ESTABLISHED .

2 . THE COMMISSION AND THE BANK SHALL KEEP EACH OTHER INFORMED OF THE PROGRESS MADE IN APPRAISING REQUESTS FOR FINANCE .

3 . THE COMMISSION SHALL CHANNEL THE INFORMATION REFERRED TO IN PARAGRAPHS 1 AND 2 THROUGH ITS LIAISON OFFICE . IN ADDITION , THE LIAISON OFFICE SHALL COLLECT AND PROVIDE ANY GENERAL INFORMATION WHICH WOULD PROMOTE THE HARMONIZATION OF ADMINISTRATIVE PROCEDURES AND THE ASSESSMENT OF REQUESTS .

ARTICLE 14

1 . THE COMMISSION SHALL APPRAISE PROJECTS WHICH , PURSUANT TO ARTICLE 43 OF THE CONVENTION AND THE CORRESPONDING PROVISIONS OF THE DECISION , COULD BE FINANCED BY GRANTS OR SPECIAL LOANS FROM THE FUND'S RESOURCES .

2 . THE BANK SHALL APPRAISE PROJECTS WHICH , PURSUANT TO ITS STATUTE , ARTICLE 43 OF THE CONVENTION AND THE CORRESPONDING PROVISIONS OF THE DECISION , COULD BE FINANCED BY LOANS FROM ITS OWN RESOURCES , WITH OR WITHOUT INTEREST RATE SUBSIDIES , OR BY RISK CAPITAL .

3 . PROJECTS WHICH COME UNDER THE INDUSTRIAL , MINING OR TOURISM SECTORS SHALL BE SUBMITTED TO THE BANK , WHICH SHALL EXAMINE WHETHER THEY ARE ELIGIBLE FOR ONE OF THE FORMS OF AID WHICH IT ADMINISTERS .

4 . WHERE , IN THE COURSE OF APPRAISAL OF A PROJECT OR PROGRAMME BY THE COMMISSION OR BY THE BANK , IT IS FOUND THAT SUCH PROJECT OR PROGRAMME COULD NOT BE FINANCED BY ONE OF THE FORMS OF AID ADMINISTERED BY THE INSTITUTION IN QUESTION , THE LATTER WILL , WITH THE AGREEMENT OF THE POTENTIAL RECIPIENT , TRANSMIT THE REQUEST TO THE OTHER INSTITUTION .

ARTICLE 15

1 . WITHOUT PREJUDICE TO SPECIAL INSTRUCTIONS WHICH THE BANK RECEIVES FROM THE COMMUNITY IN RESPECT OF THE RECOVERY OF CAPITAL AND INTEREST RELATING TO SPECIAL LOANS , THE COMMISSION SHALL UNDERTAKE , ON BEHALF OF THE COMMUNITY , THE FINANCIAL EXECUTION OF OPERATIONS CARRIED OUT WITH THE FUND'S RESOURCES IN THE FORM OF GRANTS , SPECIAL LOANS OR TRANSFERS ; IT SHALL MAKE PAYMENTS IN ACCORDANCE WITH THE FINANCIAL REGULATION REFERRED TO IN ARTICLE 30 .

2 . THE BANK SHALL UNDERTAKE , ON BEHALF OF THE COMMUNITY , THE FINANCIAL EXECUTION OF OPERATIONS CARRIED OUT WITH THE FUND'S RESOURCES IN THE FORM OF RISK CAPITAL . IN SUCH CASES , THE BANK SHALL ACT ON BEHALF OF AND AT THE RISK OF THE COMMUNITY . ANY RESULTING RIGHTS , AND PARTICULARLY RIGHTS AS CREDITOR OR OWNER , SHALL BE VESTED IN THE COMMUNITY .

3 . THE BANK SHALL UNDERTAKE THE FINANCIAL EXECUTION OF OPERATIONS CARRIED OUT IN THE FORM OF LOANS FROM ITS OWN RESOURCES COMBINED WITH INTEREST RATE SUBSIDIES FROM THE FUND'S RESOURCES .

ARTICLE 16

THE COMMISSION SHALL PROVIDE THE MEMBER STATES WITH INFORMATION OBTAINED FROM THE ACP STATES AS REGARDS THE CONTENT AND PROSPECTS OF THEIR DEVELOPMENT PLANS , THE OBJECTIVES THEY HAVE SET THEMSELVES AND PROJECTS ALREADY IDENTIFIED WHICH ARE LIKELY TO ATTAIN THESE OBJECTIVES . THIS PROVISION SHALL ALSO APPLY IN RESPECT OF THE COUNTRIES AND TERRITORIES AND THE FRENCH OVERSEAS DEPARTMENTS .

THE COMMISSION SHALL COMPLIE THIS INFORMATION IN COLLABORATION WITH THE BANK AS REGARDS MATTERS WHICH CONCERN THE LATTER .

MEMBER STATES SHALL AT THE SAME TIME INFORM THE COMMISSION OF ANY BILATERAL AID THEY HAVE GRANTED OR INTEND TO GRANT .

FURTHERMORE , THE COMMISSION SHALL FORWARD TO THE EDF COMMITTEE REFERRED TO IN ARTICLE 18 ALL AVAILABLE INFORMATION ON ANY OTHER BILATERAL OR MULTILATERAL AID GRANTED OR ENVISAGED FOR THE ACP STATES CONCERNED .

TO THIS END , AND IN ORDER TO KEEP MEMBER STATES ABREAST OF DEVELOPMENTS , THE COMMISSION SHALL OBTAIN ALL RELEVANT INFORMATION ON AID TO THE ACP STATES , TO THE COUNTRIES AND TERRITORIES AND TO THE FRENCH OVERSEAS DEPARTMENTS WHICH MEMBER STATES , INTERNATIONAL INSTITUTIONS AND OTHER AID DONORS HAVE ALREADY GRANTED OR INTEND TO GRANT .

EACH MEMBER STATE SHALL PERIODICALLY FORWARD TO THE COMMISSION SUCH INFORMATION AS IS AVAILABLE .

ARTICLE 17

1 . IN ORDER TO IMPLEMENT ARTICLE 51 OF THE CONVENTION , PROGRAMMING MISSIONS SHALL BE CARRIED OUT UNDER THE GENERAL RESPONSIBILITY OF THE COMMISSION WITH THE PARTICIPATION OF THE BANK .

2 . BEFORE PROGRAMMING MISSIONS ARE SENT OUT , AND ON THE BASIS OF INFORMATION PROVIDED BY THE COMMISSION IN ACCORDANCE WITH ARTICLE 16 , THE GENERAL FRAMEWORK OF THE PROGRAMMING MISSIONS SHALL BE DETERMINED , POSSIBLY ACCORDING TO GROUPS OF COUNTRIES , DURING EXCHANGES OF VIEWS BETWEEN THE REPRESENTATIVES OF THE MEMBER STATES , THE COMMISSION AND THE BANK .

3 . FOLLOWING THE PROGRAMMING MISSIONS UNDERTAKEN IN THE ACP STATES BY THE COMMISSION AND THE BANK , A DRAFT COMMUNITY INDICATIVE AID PROGRAMME FOR EACH ACP STATE SHALL BE FORWARDED TO THE MEMBER STATES .

THESE DRAFT PROGRAMMES SHALL BE THE SUBJECT OF AN EXCHANGE OF VIEWS WITH THE REPRESENTATIVES OF THE MEMBER STATES IN ORDER TO OBTAIN AN OPINION .

4 . FOLLOWING THE EXCHANGES OF VIEWS WITH REPRESENTATIVES OF THE ACP STATES PROVIDED FOR IN ARTICLE 51 ( 3 ) OF THE CONVENTION , THE REPRESENTATIVES OF THE MEMBER STATES , THE COMMISSION AND THE BANK MAY HOLD FURTHER DISCUSSIONS IN ORDER TO EVOLVE THE NECESSARY GUIDELINES .

5 . DURING THE IMPLEMENTATION OF THE INDICATIVE AID PROGRAMMES REFERRED TO IN ARTICLE 51 ( 2 ) AND ( 3 ) OF THE CONVENTION , EXCHANGES OF VIEWS SHALL BE HELD FROM TIME TO TIME BETWEEN THE REPRESENTATIVES OF THE MEMBER STATES , THE COMMISSION AND THE BANK . TAKING ACCOUNT OF THE PROJECTS FOR WHICH THE FINANCING HAS ALREADY BEEN DECIDED ON AND THOSE WHICH STILL HAVE TO BE APPRAISED , THE MEMBER STATES SHALL ASSESS THE CHANGES IN THE COMMUNITY INDICATIVE AID PROGRAMMES PROPOSED BY THE RECIPIENT COUNTRIES CONCERNED .

ARTICLE 18

1 . A COMMITTEE ( HEREINAFTER CALLED THE " EDF COMMITTEE " ) , CONSISTING OF REPRESENTATIVES OF THE GOVERNMENTS OF THE MEMBER STATES , SHALL BE SET UP UNDER THE AUSPICES OF THE COMMISSION .

THE EDF COMMITTEE SHALL BE CHAIRED BY A COMMISSION REPRESENTATIVE , AND ITS SECRETARIAT SHALL BE PROVIDED BY THE COMMISSION .

A REPRESENTATIVE OF THE BANK SHALL TAKE PART IN ITS WORK .

2 . THE COUNCIL , ACTING UNANIMOUSLY , SHALL ADOPT THE RULES OF PROCEDURE OF THE EDF COMMITTEE .

3 . WITHIN THE EDF COMMITTEE , THE VOTES OF THE MEMBER STATES SHALL BE WEIGHTED AS FOLLOWS :

BELGIUM 6

DENMARK 3

GERMANY 25

FRANCE 25

IRELAND 2

ITALY 12

LUXEMBOURG 1

NETHERLANDS 8

UNITED KINGDOM 18

4 . THE EDF COMMITTEE SHALL ACT BY A QUALIFIED MAJORITY OF 69 VOTES .

ARTICLE 19

1 . THE EDF COMMITTEE SHALL GIVE ITS OPINION ON FINANCING PROPOSALS FOR PROJECTS OR PROGRAMMES FINANCED BY GRANTS OR SPECIAL LOANS , SUBMITTED TO IT BY THE COMMISSION .

2 . THE FINANCING PROPOSALS FOR THESE PROJECTS SHALL EXPLAIN THE RELEVANCE OF THE PROJECTS TO THE DEVELOPMENT PROSPECTS OF THE COUNTRY OR COUNTRIES CONCERNED ; WHERE APPROPRIATE , THEY SHALL MENTION THE USE TO WHICH SUCH COUNTRIES HAVE PUT PREVIOUS COMMUNITY AOD .

THEY SHALL INCLUDE IN PARTICULAR MEASURES PROMOTING , IN ACCORDANCE WITH CHAPTER 8 OF PROTOCOL N 2 TO THE CONVENTION AND THE CORRESPONDING PROVISIONS OF THE DECISION , PARTICIPATION BY NATIONAL FIRMS OF THE ACP STATES , OF THE COUNTRIES AND TERRITORIES AND OF THE FRENCH OVERSEAS DEPARTMENTS IN CARRYING OUT THE PROJECTS .

3 . IF THE EDF COMMITTEE REQUESTS SUBSTANTIAL CHANGES IN THE FINANCING PROPOSAL OR IN THE ABSENCE OF A FAVOURABLE OPINION ON THE LATTER , THE COMMISSION SHALL CONSULT THE REPRESENTATIVES OF THE ACP STATE OR ACP STATES CONCERNED . IN THE ABSENCE OF A FAVOURABLE OPINION , THE LATTER MAY BE CONSULTED BY THE REPRESENTATIVES OF THE COMMUNITY , IN ACCORDANCE WITH ARTICLE 54 ( 3 ) OF THE CONVENTION .

4 . IN THE CASES MENTIONED IN PARAGRAPH 3 , THE FINANCING PROPOSAL , POSSIBLY AFTER REVIEW OR EXTENSION , SHALL BE SUBMITTED AFRESH TO THE EDF COMMITTEE AT ONE OF ITS SUBSEQUENT MEETINGS .

IF THE COMMITTEE STILL REFUSES TO DELIVER A FAVOURABLE OPINION , THE COMMISSION SHALL CONSULT AFRESH THE REPRESENTATIVES OF THE ACP STATE OR ACP STATES CONCERNED , IN ACCORDANCE WITH ARTICLE 54 ( 3 ) OF THE CONVENTION .

ARTICLE 20

THE FINANCING PROPOSALS , TOGETHER WITH THE OPINION OF THE EDF COMMITTEE , SHALL BE SUBMITTED TO THE COMMISSION FOR ITS DECISION .

IF THE COMMISSION DECIDES TO DIFFER FROM THE OPINION EXPRESSED BY THE COMMITTEE , OR IF THE COMMITTEE HAS NOT DELIVERED A FAVOURABLE OPINION , IT SHALL EITHER WITHDRAW THE FINANCING PROPOSAL OR , AT THE EARLIEST OPPORTUNITY , REFER THE PROPOSAL TO THE COUNCIL WHICH SHALL DECIDE ON IT ACCORDING TO THE SAME VOTING PROCEDURE AS THE EDF COMMITTEE .

ARTICLE 21

1 . THE COMMISSION SHALL REGULARLY INFORM THE EDF COMMITTEE OF ALL REQUESTS FOR FINANCING OFFICIALLY SUBMITTED TO IT BY ONE OR MORE ACP STATES IRRESPECTIVE OF WHETHER THESE ARE SELECTED BY ITS DEPARTMENTS .

2 . THE EDF COMMITTEE SHALL BE KEPT INFORMED OF THE RESULTS OF WORK PERIODICALLY DONE BY THE COMMISSION ON THE EVALUATION OF PROJECTS BEING CARRIED OUT OR COMPLETED , PARTICULARLY IN RELATION TO THE DEVELOPMENT OBJECTIVES SET .

ARTICLE 22

1 . A COMMITTEE ( HEREINAFTER CALLED THE " ARTICLE 22 COMMITTEE " ) , CONSISTING OF REPRESENTATIVES OF THE GOVERNMENTS OF THE MEMBER STATES , SHALL BE SET UP UNDER THE AUSPICES OF THE BANK .

THE ARTICLE 22 COMMITTEE SHALL BE CHAIRED BY THE REPRESENTATIVE OF THE MEMBER STATE CURRENTLY ASSUMING THE PRESIDENCY OF THE BOARD OF GOVERNORS OF THE BANK ; ITS SECRETARIAT SHALL BE PROVIDED BY THE BANK .

A REPRESENTATIVE OF THE COMMISSION SHALL TAKE PART IN ITS WORK .

2 . THE COUNCIL , ACTING UNANIMOUSLY , SHALL ADOPT THE RULES OF PROCEDURE OF THE ARTICLE 22 COMMITTEE .

3 . WITHIN THE ARTICLE 22 COMMITTEE , THE VOTES OF THE MEMBER STATES SHALL BE WEIGHTED AS PROVIDED IN ARTICLE 18 ( 3 ) .

4 . THE ARTICLE 22 COMMITTEE SHALL ACT BY A QUALIFIED MAJORITY OF 69 VOTES .

ARTICLE 23

1 . THE ARTICLE 22 COMMITTEE SHALL DELIVER AN OPINION ON REQUESTS FOR LOANS WITH INTEREST RATE SUBSIDIES AND ON PROPOSALS FOR FINANCING BY RISK CAPITAL WHICH ARE SUBMITTED TO IT BY THE BANK .

THE COMMISSION REPRESENTATIVE MAY , AT MEETINGS , SUBMIT THE COMMISSION'S ASSESSMENT OF THESE PROPOSALS . THIS ASSESSMENT SHALL COVER CONFORMITY OF THE PROJECTS WITH COMMUNITY DEVELOPMENT AID POLICY , WITH THE OBJECTIVES OF FINANCIAL AND TECHNICAL CO-OPERATION LAID DOWN BY THE CONVENTION AND WITH THE GENERAL GUIDELINES ADOPTED BY THE COUNCIL OF ACP-EEC MINISTERS .

IN ADDITION , THE BANK SHALL INFORM THIS COMMITTEE OF ANY LOANS WITHOUT INTEREST RATE SUBSIDIES THAT IT INTENDS TO GRANT .

2 . THE DOCUMENT SUBMITTED TO THE ARTICLE 22 COMMITTEE BY THE BANK SHALL , IN PARTICULAR , EXPLAIN THE RELEVANCE OF THE PROJECT TO THE DEVELOPMENT PROSPECTS OF THE COUNTRY OR COUNTRIES CONCERNED AND , WHERE APPROPRIATE , INDICATE THE SITUATION AS REGARDS LOANS GRANTED BY THE COMMUNITY AND HOLDINGS ACQUIRED BY IT .

3 . WHERE THE ARTICLE 22 COMMITTEE DOES NOT DELIVER A FAVOURABLE OPINION ON A PROPOSAL CONCERNING AN ACP STATE OR GROUP OF ACP STATES , THE BANK SHALL CONSULT THE REPRESENTATIVES OF THE SAID STATE OR STATES AND THE PROCEDURE LAID DOWN IN ARTICLE 54 ( 3 ) OF THE CONVENTION SHALL APPLY .

4 . WHERE THE ARTICLE 22 COMMITTEE DELIVERS A FAVOURABLE OPINION IN RESPECT OF A REQUEST FOR A LOAN WITH AN INTEREST RATE SUBSIDY , THE REQUEST , TOGETHER WITH THE REASONED OPINION OF THE COMMITTEE AND THE ASSESSMENT OF THE COMMISSION REPRESENTATIVE , SHALL BE SUBMITTED FOR A DECISION TO THE BOARD OF DIRECTORS OF THE BANK , WHICH SHALL ACT IN ACCORDANCE WITH THE PROVISIONS OF THE BANK'S STATUTE .

IN THE ABSENCE OF A FAVOURABLE OPINION FROM THE ARTICLE 22 COMMITTEE , THE BANK SHALL EITHER WITHDRAW THE REQUEST OR DECIDE TO UPHOLD IT . IN THE LATTER EVENT , THIS REQUEST , TOGETHER WITH THE REASONED OPINION OF THE COMMITTEE AND THE ASSESSMENT GIVEN BY THE COMMISSION REPRESENTATIVE , SHALL BE SUBMITTED FOR A DECISION TO THE BOARD OF DIRECTORS OF THE BANK , WHICH SHALL ACT IN ACCORDANCE WITH THE PROVISIONS OF THE BANK'S STATUTE .

5 . WHERE , IN RESPECT OF A PROPOSAL FOR FINANCING BY RISK CAPITAL , THE ARTICLE 22 COMMITTEE DELIVERS A FAVOURABLE OPINION , THE PROPOSAL SHALL BE SUBMITTED FOR A DECISION TO THE BOARD OF DIRECTORS OF THE BANK WHICH SHALL ACT IN ACCORDANCE WITH THE PROVISIONS OF THE BANK'S STATUTE .

IN THE ABSENCE OF A FAVOURABLE OPINION FROM THE ARTICLE 22 COMMITTEE , THE BANK SHALL EITHER WITHDRAW THE PROPOSAL OR REQUEST THAT THE MEMBER STATE TAKING THE CHAIR OF THE ARTICLE 22 COMMITTEE BRING THE MATTER BEFORE THE COUNCIL AS SOON AS POSSIBLE .

IN THE LATTER CASE , THE PROPOSAL SHALL BE SUBMITTED TO THE COUNCIL TOGETHER WITH THE REASONED OPINION OF THE ARTICLE 22 COMMITTEE AND THE ASSESSMENT BY THE COMMISSION REPRESENTATIVE .

THE COUNCIL SHALL ACT IN ACCORDANCE WITH THE SAME VOTING PROCEDURE AS THE ARTICLE 22 COMMITTEE .

IF THE COUNCIL DECIDES TO CONFIRM THE ARTICLE 22 COMMITTEE'S POSITION , THE BANK SHALL WITHDRAW ITS PROPOSAL .

IF , HOWEVER , THE COUNCIL IS IN AGREEMENT WITH THE BANK'S PROPOSAL , THE BANK SHALL IMPLEMENT THE PROCEDURES UNDER ITS STATUTE .

ARTICLE 24

1 . SUBJECT TO SUCH ADJUSTMENTS AS ARE NECESSARY TO TAKE ACCOUNT OF THE NATURE OF THE OPERATIONS FINANCED AND OF THE PROCEDURES LAID DOWN IN THE STATUTE OF THE BANK , THE LATTER SHALL REGULARLY INFORM THE ARTICLE 22 COMMITTEE OF ALL REQUESTS FOR FINANCING OFFICIALLY SUBMITTED TO IT , IRRESPECTIVE OF WHETHER THESE ARE SELECTED BY ITS DEPARTMENTS .

2 . THE ARTICLE 22 COMMITTEE SHALL BE KEPT INFORMED OF THE RESULTS OF WORK PERIODICALLY DONE BY THE BANK ON THE ASSESSMENT OF PROJECTS BEING CARRIED OUT OR COMPLETED , PARTICULARLY IN RELATION TO THE DEVELOPMENT OBJECTIVES SET .

ARTICLE 25

1 . THE COMMISSION AND THE BANK SHALL ASCERTAIN HOW THE COMMUNITY AID ADMINISTERED BY EACH OF THEM IS USED BY THE ACP STATES , BY THE COUNTRIES AND TERRITORIES AND BY THE FRENCH OVERSEAS DEPARTMENTS OR BY ANY OTHER RECIPIENTS .

2 . THEY SHALL ALSO ASCERTAIN , EACH FOR THEIR RESPECTIVE PARTS AND IN CLOSE COLLABORATION WITH THE RELEVANT AUTHORITIES OF THE COUNTRY OR COUNTRIES CONCERNED , HOW PROJECTS FINANCED WITH COMMUNITY AID ARE USED BY THE RECIPIENTS .

3 . WHEN ASCERTAINING HOW COMMUNITY AID AND PROJECTS ARE USED , AS PROVIDED FOR IN PARAGRAPHS 1 AND 2 , THE COMMISSION AND THE BANK SHALL EXAMINE THE EXTENT TO WHICH THE OBJECTIVES REFERRED TO IN ARTICLE 40 ( 2 ) OF THE CONVENTION , IN ARTICLE 1 OF PROTOCOL N 2 TO THE CONVENTION AND IN THE CORRESPONDING PROVISIONS OF THE DECISIONS HAVE BEEN ATTAINED .

4 . THE COMMISSION SHALL INFORM THE COUNCIL AT LEAST ONCE A YEAR OF ITS FINDINGS PURSUANT TO PARAGRAPHS 1 , 2 AND 3 .

THE COUNCIL , ACTING BY A QUALIFIED MAJORITY AS LAID DOWN IN ARTICLE 18 ( 4 ) , SHALL TAKE THE NECESSARY MEASURES .

CHAPTER III

ARTICLE 26

THE SYSTEM FOR STABILIZING EXPORT EARNINGS REFERRED TO IN TITLE II OF THE CONVENTION AND IN THE CORRESPONDING PROVISIONS OF THE DECISION SHALL APPLY ONLY TO EXPORT EARNINGS FOR THE FOLLOWING CALENDAR YEARS : 1975 , 1976 , 1977 , 1978 AND 1979 .

ARTICLE 27

THE AMOUNTS OF THE TRANSFERS REFERRED TO IN ARTICLE 19 ( 3 ) AND ( 6 ) RESPECTIVELY OF TITLE II OF THE CONVENTION AND IN THE CORRESPONDING PROVISIONS OF THE DECISION , AND THE CONTRIBUTIONS TO THE RECONSTITUTION OF RESOURCES MENTIONED IN ARTICLE 21 ( 2 ) OF THE CONVENTION AND IN THE CORRESPONDING PROVISIONS OF THE DECISION , SHALL BE EXPRESSED IN UNITS OF ACCOUNT .

PAYMENTS SHALL BE MADE IN THE CURRENCY OF ONE OR MORE MEMBER STATES CHOSEN BY THE COMMISSION AFTER CONSULTATION OF THE ACP STATE OR THE RELEVANT AUTHORITIES OF THE COUNTRIES AND TERRITORIES .

ARTICLE 28

TO PERMIT CROSS-CHECKING OF THE STATISTICS OF THE COMMUNITY AND OF THE ACP STATES AS PROVIDED IN ARTICLE 17 OF THE CONVENTION AND THE CORRESPONDING PROVISIONS OF THE DECISION , MEMBER STATES SHALL COMMUNICATE TO THE COMMISSION , IN ACCORDANCE WITH PROCEDURES TO BE DEFINED IN AN IMPLEMENTING REGULATION TO BE ADOPTED , ALL THE STATISTICS IN THEIR POSSESSION WHICH ARE NECESSARY FOR THE PROPER FUNCTIONING OF THE STABILIZATION SYSTEM .

ARTICLE 29

THE COMMISSION SHALL FORWARD TO THE MEMBER STATES THE ACP STATES' ANNUAL REPORTS ON THE USE OF THE FUNDS . IT SHALL PREPARE AN ANNUAL COMPREHENSIVE REPORT ON THE OPERATION OF THE SYSTEM , INDICATING IN PARTICULAR ITS EFFECT ON THE ECONOMIC DEVELOPMENT OF THE RECIPIENT COUNTRIES AND ON THE DEVELOPMENT OF EXTERNAL TRADE .

THIS ARTICLE SHALL ALSO APPLY IN RESPECT OF THE COUNTRIES AND TERRITORIES .

CHAPTER IV

ARTICLE 30

THE PROVISIONS FOR IMPLEMENTING THIS AGREEMENT SHALL BE THE SUBJECT OF A FINANCIAL REGULATION ADOPTED , UPON THE ENTRY INTO FORCE OF THE CONVENTION , BY THE COUNCIL ACTING BY THE QUALIFIED MAJORITY LAID DOWN IN ARTICLE 18 ( 4 ) ON THE BASIS OF A COMMISSION DRAFT , AFTER THE BANK HAS DELIVERED ITS OPINION ON THE PROVISIONS CONCERNING IT .

ARTICLE 31

1 . AT THE CLOSE OF EACH FINANCIAL YEAR , THE COMMISSION SHALL ADOPT THE REVENUE AND EXPENDITURE ACCOUNT AND THE BALANCE SHEET OF THE FUND .

2 . WITHOUT PREJUDICE TO PARAGRAPH 4 , THE AUDIT BOARD PROVIDED FOR IN ARTICLE 206 OF THE TREATY SHALL EXERCISE ITS POWERS ALSO IN RESPECT OF THE OPERATIONS OF THE FUND . THE CONDITIONS UNDER WHICH THIS BOARD EXERCISES ITS POWERS SHALL BE LAID DOWN IN THE FINANCIAL REGULATION REFERRED TO IN ARTICLE 30 .

3 . THE DISCHARGE FOR THE FINANCIAL MANAGEMENT OF THE FUND SHALL BE GIVEN TO THE COMMISSION ACCORDING TO THE PROCEDURE PROVIDED FOR IN ARTICLE 206 OF THE TREATY . HOWEVER , WHERE THE PROCEDURE UNDER ARTICLE 206 ENTAILS A DECISION BY THE COUNCIL , THE COUNCIL SHALL ACT BY THE QUALIFIED MAJORITY LAID DOWN IN ARTICLE 18 ( 4 ) .

4 . THE OPERATIONS FINANCED FROM THE RESOURCES OF THE FUND AND MANAGED BY THE BANK SHALL BE SUBJECT TO THE CONTROL AND DISCHARGE PROCEDURES LAID DOWN BY THE STATUTE OF THE BANK FOR ALL ITS OPERATIONS . EACH YEAR , THE BANK SHALL SEND THE COMMISSION AND THE COUNCIL A REPORT ON THE EXECUTION OF OPERATIONS FINANCED FROM THE RESOURCES OF THE FUND AND MANAGED BY THE BANK .

ARTICLE 32

1 . THE REMAINING BALANCE OF THE DEVELOPMENT FUND FOR THE OVERSEAS COUNTRIES AND TERRITORIES ESTABLISHED BY THE IMPLEMENTING CONVENTION ANNEXED TO THE TREATY SHALL CONTINUE TO BE ADMINISTERED AS PROVIDED IN THAT IMPLEMENTING CONVENTION AND IN ACCORDANCE WITH THE RULES AND REGULATIONS IN FORCE ON 31 DECEMBER 1962 .

THE REMAINING BALANCE OF THE FUND SET UP BY THE INTERNAL AGREEMENT ON THE FINANCING AND ADMINISTRATION OF COMMUNITY AID SIGNED AT YAOUNDE ON 20 JULY 1963 SHALL CONTINUE TO BE ADMINISTERED AS PROVIDED IN THAT INTERNAL AGREEMENT AND IN ACCORDANCE WITH THE RULES AND REGULATIONS IN FORCE ON 31 MAY 1969 .

THE REMAINING BALANCE OF THE FUND SET UP BY THE INTERNAL AGREEMENT ON THE FINANCING AND ADMINISTRATION OF COMMUNITY AID SIGNED AT YAOUNDE ON 29 JULY 1969 SHALL CONTINUE TO BE ADMINISTERED AS PROVIDED IN THAT INTERNAL AGREEMENT AND IN ACCORDANCE WITH THE RULES AND REGULATIONS IN FORCE ON 31 JANUARY 1975 .

2 . IN THE EVENT OF THE SUCCESSFUL COMPLETION OF PROJECTS FINANCED FROM THE FUNDS REFERRED TO IN PARAGRAPH 1 BEING JEOPARDIZED BY A LACK OF RESOURCES DUE TO THE REMAINING BALANCE HAVING BEEN USED UP , PROPOSALS FOR ADDITIONAL FINANCING MAY BE SUBMITTED BY THE COMMISSION UNDER THE CONDITIONS LAID DOWN IN ARTICLE 16 .

ARTICLE 33

THIS AGREEMENT SHALL BE APPROVED BY EACH MEMBER STATE IN ACCORDANCE WITH ITS OWN CONSTITUTIONAL REQUIREMENTS . THE GOVERNMENT OF EACH MEMBER STATE SHALL NOTIFY THE SECRETARIAT OF THE COUNCIL OF THE EUROPEAN COMMUNITIES WHEN THE PROCEDURES REQUIRED FOR ITS ENTRY INTO FORCE HAVE BEEN COMPLETED .

THIS AGREEMENT IS CONCLUDED FOR THE SAME DURATION AS THE CONVENTION . HOWEVER , IT SHALL REMAIN IN FORCE FOR AS LONG AS IS NECESSARY FOR ALL THE OPERATIONS FINANCED UNDER THE CONVENTION TO BE FULLY EXECUTED .

ARTICLE 34

THIS AGREEMENT , DRAWN UP IN A SINGLE ORIGINAL IN THE DANISH , DUTCH , ENGLISH , FRENCH , GERMAN AND ITALIAN LANGUAGES , EACH OF THESE TEXTS BEING EQUALLY AUTHENTIC , SHALL BE DEPOSITED IN THE ARCHIVES OF THE SECRETARIAT OF THE COUNCIL OF THE EUROPEAN COMMUNITIES , WHICH SHALL TRANSMIT A CERTIFIED COPY TO EACH OF THE GOVERNMENTS OF THE SIGNATORY STATES .

UDFAERDIGET I BRUXELLES , DEN ELLEVTE JULI NITTEN HUNDREDE OG FEMOGHALVFJERDS .

GESCHEHEN ZU BRUESSEL AM ELFTEN JULI NEUNZEHNHUNDERTFUENFUNDSIEBZIG .

DONE AT BRUSSELS ON THE ELEVENTH DAY OF JULY IN THE YEAR ONE THOUSAND NINE HUNDRED AND SEVENTY-FIVE .

FAIT A BRUXELLES , LE ONZE JUILLET MIL NEUF CENT SOIXANTE-QUINZE .

FATTO A BRUXELLES , ADDI UNDICI LUGLIO MILLENOVECENTOSETTANTACINQUE .

GEDAAN TE BRUSSEL , ELF JULI NEGENTIENHONDERDVIJFENZEVENTIG .