Legislative resolution embodying Parliament's opinion on the proposal for a Council Decision granting a Community guarantee to the European Investment Bank against losses under loans for projects outside the Community (Central and Eastern Europe, Mediterranean countries, Latin America and Asia, and South Africa) (COM(96)0586 C4-0018/97 96/0278(CNS) ).
Date: 1997-03-14
Institutions: Committee on Budgets, European Parliament
Subjects: EIB loan, European Investment Bank, cooperation agreement, credit guarantee, third country













EUR-Lex - 51997AP0078 - EN






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51997AP0078

Legislative resolution embodying Parliament's opinion on the proposal for a Council Decision granting a Community guarantee to the European Investment Bank against losses under loans for projects outside the Community (Central and Eastern Europe, Mediterranean countries, Latin America and Asia, and South Africa) (COM(96)0586 C4-0018/97 96/0278(CNS) ).  


Official Journal C 115 , 14/04/1997 P. 0233 





A4-0078/97Proposal for a Council Decision granting a Community guarantee to the European Investment Bank against losses under loans for projects outside the Community (Central and Eastern Europe, Mediterranean countries, Latin America and Asia, and South Africa) (COM(96)0586 - C4-0018/97 - 96/0278(CNS))The proposal was approved with the following amendments:(Amendment 1)Recital 4a (new)>Text following EP vote>Whereas, in this connection, the lack of appropriate transport and telecommunications infrastructure is one of the main obstacles to the development of external and inter- regional trade and to regional cooperation between the Mediterranean countries and whereas, therefore, the EIB should increase its involvement in the funding of model cross-border projects and should support cooperation between EU Member States and Mediterranean countries as well as the development of 'south-south' projects;(Amendment 2)Recital 13>Original text>Whereas, in October 1996, the Council concluded that the total volume of the new EIB lending mandates and of other lending needs for third countries until 1999 is expected to be met by a guarantee level for EIB loans of between 65% and 75%; whereas the EIB is invited to secure, on a significant proportion of its lending, adequate third-party guarantees for commercial risks, with the budget guarantee in that case covering only political risks arising from currency non-transfer, expropriation, war and civil disturbance;>Text following EP vote>Whereas, in November 1995, the Ecofin Council asked that risks on loans could be shared between the EC budget and the Bank, namely through the separation of political and commercial risks; whereas the EIB is invited to secure, on a significant proportion of its lending, adequate third-party guarantees for commercial risks, with the budget guarantee in that case covering only political risks arising from currency non-transfer, expropriation, war and civil disturbance;(Amendment 3)Recital 15a (new)>Text following EP vote>Whereas the EIB cooperates with other international financial institutions which participate in the cofinancing of projects in Central and Eastern Europe, the Mediterranean, Asia and Latin America and South Africa, and whereas there is a need in this connection to ensure not only adequate coordination but also a higher profile for the Community's financial contribution to co- financing of projects with such institutions;(Amendment 4)Recital 15b (new)>Text following EP vote>Whereas the procedures for assessing the Community's cooperation programmes with non-member countries are a crucial factor in enabling the recipient countries to speed up their economic growth and maximise the efficiency with which they use the resources and guarantees provided under the Community budget;(Amendment 5)Article 1(1)>Original text>1. The Community shall grant the European Investment Bank a 65% guarantee in respect of any payments not received by it but due under loans granted, in accordance with its usual criteria, for investment projects carried out in Central and Eastern Europe, in Mediterranean non-member countries, in Latin America and Asia, and in South Africa.>Text following EP vote>1. The Community shall grant the European Investment Bank a 100% guarantee for political risks in respect of any payments not received by it but due under loans granted, in accordance with its usual criteria, for investment projects carried out in central and eastern Europe, in Mediterranean non-member countries, in Latin America and Asia, and in South Africa.>Original text>This guarantee shall be restricted to an overall loan ceiling of ECU 6 825 million, broken down as follows:>Text following EP vote>An overall ceiling of ECU 7 105 million for loans to these countries is established, broken down as follows :>Original text>- Central & Eastern Europe: ECU 3 450 m- Mediterranean non-member countries:ECU 2 100 m- Latin America & Asia: ECU 900 m- South Africa: ECU 375 m>Text following EP vote>- Central & Eastern Europe: ECU 3 450 m- Mediterranean non-member countries:ECU 2 310 m- Latin America & Asia: ECU 970 m- South Africa: ECU 375 m>Original text>and shall cover a period beginning on the date that the Decision takes effect and expiring on 31 December 1999. If, on expiry of this period, the loans granted by the Bank have not attained the overall amounts referred to above, the period shall be automatically extended by six months.>Text following EP vote>and shall cover a period beginning on the date that the Decision takes effect and expiring on 31 December 1999.The political risk covered by the EC budget arises from currency non- transfer, expropriation, war and civil disturbance. For each loan granted, the Commission and EIB should indicate whether political risks exist. The Bank, assuming the commercial risk, may secure a proportion of its lending with third-party guarantees for commercial risks.If, on expiry of this period, the loans granted by the Bank have not attained the overall amounts referred to above, the period shall be automatically extended by six months.(Amendment 6)Article 3>Original text>The Commission shall inform the European Parliament and the Council each year of the loan operations and shall, at the same time, submit an assessment of the operation of the scheme and of coordination between the financial institutions operating in that area.>Text following EP vote>1. The Commission shall inform the European Parliament and the Council each year of the loan operations and shall, at the same time, submit an assessment of the operation of the scheme, of its economic and social impact on the recipient countries and of coordination between the financial institutions operating in that area.2. The Commission shall ensure, by appropriate measures, that the Union's financial contribution to co-financing operations of the EIB with other international financial institutions enjoys a high profile. The Commission and the EIB shall coordinate the measures by which they implement this principle.Legislative resolution embodying Parliament's opinion on the proposal for a Council Decision granting a Community guarantee to the European Investment Bank against losses under loans for projects outside the Community (Central and Eastern Europe, Mediterranean countries, Latin America and Asia, and South Africa) (COM(96)0586 - C4-0018/97 - 96/0278(CNS)).(Consultation procedure)The European Parliament,- having regard to the Commission proposal to the Council, COM(96)0586 - 96/0278(CNS) (( OJ C 13, 14.1.1997, p. 9.)),- having been consulted by the Council pursuant to Article 235 of the EC Treaty (C4-0018/97),- having regard to Rule 58 of its Rules of Procedure,- having regard to the report of the Committee on Budgets and the opinion of the Committee on External Economic Relations (A4-0078/97),1. Approves the Commission proposal, subject to Parliament's amendments;2. Calls on the Commission to alter its proposal accordingly, pursuant to Article 189a(2) of the EC Treaty;3. Asks to be consulted again should the Council intend to make substantial modifications to the Commission proposal;4. Instructs its President to forward this opinion to the Council and Commission.