Proposal for a Regulation of the European Parliament and of the Council regarding the closure and liquidation of projects adopted by the Commission under Council Regulation (EC) No 213/96 on the implementation of the European Communities investment partners financial instrument for the countries of Latin America, Asia, the Mediterranean region and South Afric
Date: 2000-01-31
Institutions: European Commission
Subjects: Asia, EU financial instrument, Latin America, South Africa, foreign investment

30.5.2000

EN

Official Journal of the European Communities

C 150 E/79

Proposal for a Regulation of the European Parliament and of the Council regarding the closure and
liquidation of projects adopted by the Commission under Council Regulation (EC) No 213/96 on
the implementation of the European Communities investment partners financial instrument for
the countries of Latin America, Asia, the Mediterranean region and South Africa

(2000/C 150 E/09)

COM(1999) 726 final (cid:151) 2000/0034(COD)

(Submitted by the Commission on 31 January 2000)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
EUROPEAN UNION,

Having regard to the Treaty establishing the European
Community, and in particular Article 179(1) thereof,

Having regard to the proposal from the Commission,

Acting in accordance with the procedure laid down in Article
251 of the Treaty,

Whereas:

implementation

(1) Council Regulation (EC) No 213/96 of 29 January 1996 on
the
European Communities
the
investment partners financial instrument for the countries
of Latin America, Asia, the Mediterranean region and South
Africa expired on 31 December 1999 (1).

of

(2) Using that Regulation as a basis, the Commission approved
the financing of a number of projects which have not yet
been fully completed and which may require further sums
to be committed so that they can be closed.

(3) The Commission should be empowered to take the action
necessary to allow the existing project portfolio to be
liquidated,

HAVE ADOPTED THIS REGULATION:

Article 1

No 213/96 of 29 January 1996 on the implementation of the
European
financial
instrument for the countries of Latin America, Asia, the Medi-
terranean region and South Africa.

Communities

investment

partners

2.
Those steps shall include any action required, pursuant to
Council Regulation (EC) No 213/96 of 29 January 1996 and
with the aim of liquidating the existing portfolio, to provide
monitoring, management and auditing of operations for which
the Commission has already adopted a financing decision,
including the amendment of contracts already signed and the
use of outside technical assistance.

Article 2

By 1 July 2001, the Commission shall supply the European
Parliament and the Council with a report on the implemen-
tation of
this Regulation, accompanied where required by
appropriate recommendations.

Article 3

This Regulation shall enter
into force on the third day
following its publication in the Official Journal of the European
Communities.

It shall apply until 31 December 2001.

1.
The Commission shall take the steps needed to close and
liquidate the projects adopted under Council Regulation (EC)

This Regulation shall be binding in its entirety and directly
applicable in all Member States.

(1) OJ L 28, 6.2.1996, p. 2.