Commission staff working paper - Annex to the Report from the Commission to the Council and to the European Parliament on the borrowing and lending activities of the Community in 2004 {COM(2005) 385 final}
Date: 2005-08-23
Institutions: European Commission
Subjects: Community loan, EIB loan, EU borrowing, activity report, impact study, third country













EUR-Lex - 52005SC1053 - EN






Important legal notice




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52005SC1053

Commission staff working paper - Annex to the Report from the Commission to the Council and to the European Parliament on the borrowing and lending activities of the Community in 2004 {COM(2005) 385 final}  /* SEC/2005/1053 final */  








[pic] | COMMISSION OF THE EUROPEAN COMMUNITIES |Brussels, 23.8.2005SEC(2005) 1053COMMISSION STAFF WORKING PAPERANNEX TO THE REPORT FROM THE COMMISSION TO THE COUNCIL AND TO THE EUROPEAN PARLIAMENT ON THE BORROWING AND LENDING ACTIVITIES OF THE COMMUNITY IN 2004{COM(2005) 385 final}TABLE OF CONTENTS1. Borrowing activities in 2004 31.1. Trends in borrowing and lending 31.2. Borrowing of the European Institutions: outstanding at the end of each period(1) 41.3. Borrowing of the European Institutions in 2004 by currency 52.1 Lending in non-member States in 2004 - Overview 62.2 Loan disbursements for macro-financial assistance to non-member States1996-2004 72.3.1 EIB loans signatures on Own Resources in non-member States (excluding any signatures of Pre-Accession facilities) 82.3.2 Breakdown by country and sector of EIB lending in 2004 9a) South-Eastern Neighbours 9b) In the Mediterranean Countries 10c) Asia and Latin America 11d) The Republic of South Africa 122.3.3 Risk-sharing 12a) 1st Mandate 12b) 2nd Mandate 132.3.4 Cofinancing in 2004 in South-Eastern Europe 142.3.5 Cofinancing in 2004 in the Mediterranean countries 152.3.6 Cofinancing in 2004 in the countries of Asia and Latin America 162.3.7 Loans signed in 2004 in South-Eastern Europe 172.3.8 Loans signed in 2004 in the Mediterranean countries 182.3.9 Loans signed in 2004 in Asia and Latin America 202.3.10 Loans signed in 2004 in the Republic of South Africa 212.4 Breakdown by region and sector of EIB lending in 2004 in the ACP/OCT 213.2 Interest subsidies paid under the various Community mechanismsfrom 1995 to 2004 22BORROWING ACTIVITIES IN 2004Trends in borrowing and lendingEUR million |(1) | Mechanism for providing Balance of Payments support for Member States and financial assistance for non-member States. |(2) | The Euratom loans instrument is available for financings to Member States and certain non-Member States. |(3) | Total resources raised. |(4) | Loans signed from own resources, no account being taken of the guarantees provided by the EIB to promoters or operations financed out of NCI resources. |Borrowing of the European Institutions: outstanding at the end of each period (1)EUR million |ECSC | EC (NCI) | Euratom | European Community | Commission Sub-total | EIB (2) | Total borrowing |1982 | 6,178 | 1,747 | 1,272 | 591 | 9,788 | 16,570 | 26,358 |1983 | 6,539 | 3,269 | 1,680 | 4,610 | 16,098 | 20,749 | 36,847 |1984 | 7,119 | 4,432 | 1,892 | 4,932 | 18,375 | 25,007 | 43,382 |1985 | 7,034 | 4,960 | 2,013 | 3,236 | 17,243 | 26,736 | 43,979 |1986 | 6,761 | 5,202 | 2,168 | 1,890 | 16,021 | 30,271 | 46,292 |1987 | 6,689 | 5,229 | 2,500 | 2,997 | 17,415 | 31,957 | 49,372 |1988 | 6,825 | 5,514 | 2,164 | 2,459 | 16,962 | 36,928 | 53,890 |1989 | 6,738 | 5,122 | 1,945 | 2,075 | 15,880 | 42,330 | 58,210 |1990 | 6,673 | 4,542 | 1,687 | (3) 2,045 | 14,947 | 48,459 | 63,406 |1991 | 7,139 | 3,817 | 1,563 | 3,516 | 16,035 | 58,893 | 74,928 |1992 | 7,327 | 3,326 | 1,338 | 4,026 | 16,017 | 67,784 | 83,801 |1993 | 7,331 | 2,202 | 1,018 | 5,204 | 15,755 | 78,661 | 94,416 |1994 | 6,548 | 1,570 | 779 | 7,697 | 16,594 | 83,673 | 100,267 |1995 | 5,966 | 1,113 | 720 | 8,032 | 15,831 | 87,079 | 102,910 |1996 | 4,677 | 748 | 572 | 6,666 | 12,663 | 96,649 | 109,312 |1997 | 3,637 | 218 | 118 | 5,853 | 9,826 | 110,394 | 120,220 |1998 | 2,806 | 168 | 28 | 4,166 | 7,168 | 123,767 | 130,935 |1999 | 2,432 | 130 | 12 | 4,074 | 6,648 | 146,223 | 152,871 |2000 | 2,039 | 90 | - | 1,566 | 3,695 | 159,860 | 163,555 |2001 | 1,386 | 19 | 40 | 1,614 | 3,059 | 176,027 | 179,086 |2002 | 713 | 18 | 80 | 1,361 | 2,172 | 181,167 | 183,339 |2003 | 431 | 16 | 105 | 1,356 | 1,908 | 194,505 | 196,413 |2004 | 423 | 0 | 170 | 1,214 | 1,807 | 214,825 | 216,632 |(1) | The conversion rates used are those of 31 December of each year. As the majority of borrowings are denominated in national currency, the difference between two year-ends reflects on the one hand changes in the valuation of existing stock due to exchange rates fluctuations and on the other the net volume of borrowings during the year. Original amount of borrowings, plus or minus repayments of the principal, cancellations, annulments and exchange-rate adjustments. |(2) | As from 1989, including short term. |(3) | As from 1990, including macro-financial assistance for non-member States. |Borrowing of the European Institutions in 2004 by currencyEUR million |EIB | European Communities (EC, Euratom) (1) | Total borrowing | 2004 % |EUR | 22,355 | 75 | 22,430 | 44.9 |CZK (2) | 522 | 522 | 1.0 |GBP | 5,497 | 5,497 | 11.0 |HUF (2) | 77 | 77 | 0.2 |PLN (2) | 251 | 251 | 0.5 |SEK | 165 | 165 | 0.3 |Other European currencies | 6,513 | 6,513 | 13.0 |Total EU | 28,868 | 75 | 28,943 | 58.0 |USD | 20,777 | 20,777 | 41.6 |ZAR | 220 | 220 | 0.4 |Sub-total | 20,997 | 20,997 | 42.0 |TOTAL | 49,865 | 75 | 49,940 | 100.0 |Fixed-rate | 0 |Variable-rate | 49,865 | 75 | 49,940 | 100.0 |(1) Macro-financial assistance to non-member States and Euratom. |(2) EU currency since 01/05/2004 |2.1 LENDING IN NON-MEMBER STATES IN 2004 - OVERVIEWEUR million |European Communities | EIB (2) | TOTAL |Euratom (1) | EC Macro-financial assistance (1) | Budget and EDF resources (3) | Own resources |South Eastern Europe | 10(5) | 430 | 440 |PECO | 65(4) | 65 | 65 |Community of Independent States |Mediterranean basin | 2,082.5 | 2,082.5 |Latin America and Asia | 232.9 | 232.9 |South Africa | 100 | 100 |ACP-OCT countries | 378 | 62 | 440 |Total | 65 | 10 | 378 | 2,972.4 | 3,425.4 |(1) | Disbursements |(2) | Signatures |(3) | Granted and administered by the EIB out of the budgetary resources of the EC or the European Development Fund (EDF). |(4) | Bulgaria |(5) | Bosnia and Herzegovina |2.2 LOAN DISBURSEMENTS FOR MACRO-FINANCIAL ASSISTANCE TO NON-MEMBER STATES 1996-2004EUR million |2.3.1 EIB LOANS SIGNATURES ON OWN RESOURCES IN NON-MEMBER STATES (EXCLUDING ANY SIGNATURES OF PRE-ACCESSION FACILITIES)EUR million |CEEC (2000-2007)1 | 1,347 | 653 | 925 | 1,069 | 295 | 135 | 430 | 4,424 |Bosnia-Herzegovina | 60 | 40 | 0 | 0 | 0 | 0 | 0 | 100 |Russia | 0 | 0 | 0 | 25 | 0 | 0 | 0 | 25 |MED (Partenariat 2000-2007) | 700 | 1,205 | 1,271 | 1,422 | 383 | 1,479 | 1,862 | 6,460 |MED (protocols 3-4) | 120 | 115 | 0 | 0 | 0 | 0 | 0 | 235 |Turkey Terra | 375 | 75 | 0 | 150 | 0 | 0 | 0 | 600 |Turkey – Special Action (Customs) | 0 | 0 | 130 | 100 | 100 | 120 | 220 | 450 |ALA (1997-2000) | 136 | 0 | 0 | 0 | 0 | 0 | 0 | 136 |ALA (2000-2007) | 397 | 543 | 174 | 348 | 82 | 151 | 233 | 1,695 |RSA (1997-2000) | 90 | 0 | 0 | 0 | 0 | 0 | 0 | 90 |RSA (2000-2007) | 50 | 152 | 50 | 260 | 0 | 100 | 100 | 612 |ACP (1996-2000) | 179 | 188 | 123 | 178 | 0 | 0 | 0 | 668 |PTOM (1996-2000) | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 7 |COTONOU (2003-2008) | 0 | 0 | 0 | 0 | 21 | 47 | 68 | 68 |TOTAL | 3,538 | 2,971 | 2,673 | 3,552 | 881 | 2,182 | 2,913 | 15,647 |1 In future “South Eastern Neighbours” following Decision 2005/47.2.3.2 BREAKDOWN BY COUNTRY AND SECTOR OF EIB LENDING IN 2004a) South-Eastern NeighboursMonetary amounts in EUR million |Country | Number of loans | Total loan signatures | Energy/ Environment | Communi-cations | Water Man. & Infra | Global and Investment loans |Serbia and Montenegro | 4 | 226 | 156 | 25 | 45 |100% | 69% | 11% | 20% |Romania | 2 | 79 | 29 | 50 |100% | 37% | 63% |Croatia | 1 | 45 | 45 |100% | 100% |Bulgaria | 2 | 40 | 20 | 20 |100% | 50% | 50% |Albania | 1 | 40 | 40 |100% | 100% |Total | 10 | 430 | 40 | 221 | 54 | 115 |100% | 9% | 51% | 13% | 27% |In 2004, the Bank signed ten loan contracts in the framework of the Council Decisions (see footnote n. 4 in the main report) for an aggregate amount of EUR 430 million in five countries. The majority (53%) went to Serbia and Montenegro, 18% to Romania, 10% to Croatia and 9% to each of Albania and Bulgaria:-  Bank activity was directed principally towards the communications sector , including loans to Serbia and Montenegro for road and airport rehabilitation, to Croatia for motorway construction and to Bulgaria for the construction of a combined road and rail bridge. This sector absorbed EUR 221 million, representing 51% of total lending;-  Global loans in support of small and medium scale enterprises accounted for 27% of lending activity, represented by loans of EUR 50 million in Romania, EUR 45 million in Serbia and Montenegro and EUR 20 million in Bulgaria;-  Loans of EUR 54 million (13%), were extended to the water management and infrastructure sector, EUR 29 million for the upgrading and expansion of sewerage and water supply networks in Romania and EUR 25 million for rehabilitation and upgrading of wastewater collection and treatment works in Serbia and Montenegro;-  Finally, the energy sector accounted for EUR 40 million (9% of total financing) for the construction of a combined-cycle thermal power plant in Albania.b) In the Mediterranean CountriesMonetary amounts in EUR million |Country | No. of loans | Total loan signatures | Energy | Communi-cations | Water Manage-ment | Industry & Services | Health & Education | Global Loans |Egypt | 4 | 594 | 254 | 280 | 60 |100% | 43% | 47% | 10% |Turkey | 4 | 655 | 255 | 400 |100% | 39% | 61% |Morocco | 5 | 231 | 120 | 111 |100% | 52% | 48% |Syria | 1 | 200 | 200 |100% | 100% |Tunisia | 5 | 184 | 125 | 34 | 25 |100% | 68% | 18% | 14% |Lebanon | 2 | 105 | 45 | 60 |100% | 43% | 57% |Jordan | 1 | 100 | 100 |100% | 100% |Algeria | 1 | 13 | 13 |100% | 100% |Total | 23 | 2.082 | 674 | 660 | 190 | 13 | 545 |100% | 32% | 32% | 9% | 1% | 26% |Loans amounting to EUR 2,082 million were signed for twenty-three operations in eight countries in 2004.Lending was well spread throughout the region. Turkey received 31% while Egypt accounted for 29%. Morocco, Syria and Tunisia accounted for 11%, 10% and 8% respectively. Lebanon and Jordan received 5% each and the remainder went to Algeria.-  In the energy sector , EUR 674 million (32% of total financing) went towards the construction of gas-fired plants in Egypt and Syria, a gas pipeline in Jordan and a wind farm in Morocco;-  EUR 660 million (32% of total financing) was lent for projects in the c ommunications sector . Projects covered the acquisition of aircraft in Egypt, construction of a rail tunnel and a light rail system in Turkey and improvement of the road and rail networks in Tunisia;-  Global loans of EUR 545 million (26% of total financing) were made in support of SMEs in Turkey, Egypt, Lebanon and Tunisia;-  Some 9% (EUR 190 million) of total financing was allocated to the water management and sundry infrastructure sector . Projects in Morocco covered upgrading of wastewater collection and treatment networks, construction of a new sewage treatment plant as well as upgrading areas of insanitary social housing. Other projects included rehabilitation and extension of sewerage networks in Lebanon and decontamination of a coastal site in Tunisia;-  An increase in the capacity of a cement plant in Algeria represented the remaining 1% of total financing, being EUR 13 million for the Industry and Services sector.c) Asia and Latin AmericaMonetary amounts in EUR million |Country | Number of loans | Total loan signatures | Energy | Communications | Industries & Services | Global loans |Mexico | 1 | 70 | 70 |100% | 100% |Brazil | 1 | 57 | 57 |100% | 100% |Panama | 1 | 41 | 41 |100% | 100% |Philippines | 1 | 65 | 65 |100% | 100% |Total | 4 | 233 | 41 | 127 | 65 |100% | 18% | 54% | 28% |The Bank signed four loan contracts for an amount of EUR 233 million in four countries.-  Loans in favour of the Industry and services sector in Mexico and Brazil accounted for 54% of total financing (EUR 127 million). Projects included construction and upgrading of vehicle and engine production facilities and construction of a blast furnace for steel slab production;-  A global loan of EUR 65 million was made to the Philippines (28%) for the support of small and medium-scale ventures;-  Finally, a loan of EUR 41 million (18%) was extended in favour of the communications sector for construction of a bridge and associated motorway links in Panama.d) The Republic of South AfricaIn 2004, the Bank signed a loan for an amount of EUR 100 million for construction of a dam and related infrastructure.2.3.3 RISK-SHARINGa) 1st Mandate1 st Mandate: (Council Decision covering period 31.01.1997 to 31.01.2000)No further loans were signed under the 1st Mandate in 2004 so the levels of risk-sharing achieved under the 1st Mandate have not changed. In terms of percentage of risk sharing compared to the total ceiling, these levels were 81% for ALA, 26% for CEEC and 3% for the Mediterranean.Monetary amounts in EUR million |Mandate Ceilings 1st Mandate | Total amounts of loans signed at 31.12.2004 | No. of loans signed with risk-sharing | Amount of loans signed with risk-sharing | Percentage of risk-sharing achieved (relative to mandate ceiling) | Percentage of risk-sharing achieved (relative to loan signature) |CEEC | 3,520 | 3,446 | 21 | 896 | 26% | 26% |Mediterranean | 2,310 | 2,310 | 5 | 71 | 3% | 3% |ALA | 900 | 900 | 17 | 730 | 81% | 81% |Republic of South Africa | 375 | 375 | 0 | 0 | 0% | 0% |fYROM | 150 | 150 | 0 | 0 | 0% | 0% |7,255 | 7,180 | 43 | 1,697 | 24% | 24% |b) 2nd Mandate2 nd Mandate: (Council Decision covering period 1.02.2000 to 31.01.2007)The cumulative total for risk-sharing projects since the start of lending activity in the framework of the Council Decisions relative to the period starting 1st February 2000, was EUR 2,412 million at the end of 2004, i.e. 12.4% of the overall lending ceiling and 17.7% of lending to date.In South-Eastern Neighbours, EIB lending based on risk sharing reached a total of EUR 655 million, or 7% of the lending ceiling for those countries and 15% of lending in the region to date.In the Mediterranean region, two loans were signed under the risk-sharing arrangement in 2004, bringing the total to EUR 400 million, representing around 6% of the mandate ceiling and 6% of total amounts signed. As expected, projects are often signed with governments or public bodies (in accordance with the programming procedures inherent in the Euro-Mediterranean Partnership) , and thus the risk-sharing total for the Mediterranean countries still remains relatively low.In Asia and Latin America (ALA), risk sharing in respect of EIB lending reached a total of EUR 1 327 million representing 53% of the mandate ceiling and 78% of lending in the region to date.Monetary amounts in EUR million |Mandate Ceilings 2nd Mandate | Total amounts of loans signed at 31.12.2004 | No. of loans signed with risk-sharing | Amount of loans signed with risk-sharing | Percentage of risk-sharing achieved to-date (relative to mandate ceiling) | Percentage of risk-sharing achieved to-date (relative to loan signatures) |South-Eastern Neighbours | 9,185 | 4,404 | 22 | 655 | 7% | 15% |Mediterranean countries1 | 6,520 | 6,460 | 8 | 400 | 6% | 6% |Latin America and Asia | 2,480 | 1,694 | 29 | 1,327 | 53% | 78% |Republic of South Africa | 825 | 612 | 1 | 30 | 4% | 5% |Turkey SAP | 450 | 450 | 0 | 0 | 0% | 0% |TOTAL | 19,460 | 13,620 | 60 | 2,412 | 12.4% | 17.7% |1. Currently includes loans to Turkey that will figure in the next report under “South-Eastern Neighbours” following Council Decision 2005/47/EC.The regional tables at the end of section 2.3 (Tables 2.3.7 to 2.3.10) identify the risk-sharing loans.2.3.4 COFINANCING IN 2004 IN SOUTH-EASTERN EUROPEFor South-Eastern Europe , the Bank continued its active participation with the Commission and other IFIs in an Infrastructure Steering Group, to help with the upstream preparation of projects and policy coordination.EUR million |Country | Project | Cost | EIB | PHARE/ ISPA | Multi-lateral institutions | Other[1] |Albania | Construction of combined-cycle thermal power plant in Vlore | 96 | 40 | 50 | 6 |Romania | Upgrading and expansion of sewerage and water supply networks | 120.3 | 29 | 79.4 | 11.9 |Bulgaria | Construction of combined (road and rail) bridge on Pan-European Corridor IV | 180 | 70 | 70 | 25 | 15 |Total | 396.3 | 139 | 149.4 | 75 | 32.9 |2.3.5 COFINANCING IN 2004 IN THE MEDITERRANEAN COUNTRIESIn the Mediterranean region, the Bank’s operations are conducted within the framework of EU policy and form part of a concerted approach that is pursued in close cooperation with the Commission and, as appropriate, with other IFIs, including through cofinancing operations. The contributions of these institutions to projects financed by EIB are shown below.EUR million |Country | Project | Cost | EIB | Multilateral institutions | Bilateral institutions | Other |Egypt | Construction of liquefied natural gas (LNG) plant | 1,022.0 | 94.2 | 94.2 | 833.6 |Construction of two natural gas-fired combined-cycle power generation modules | 569.2 | 160.0 | 97.0 | 70.0 | 242.2 |Subtotal | 1,591.2 | 254.2 | 191.2 | 70.0 | 1075.8 |Morocco | Construction of wind farm | 172.0 | 80.0 | 50.0 | 42.0 |Upgrading of wastewater colletion and treatment networks | 59.3 | 20.0 | 20.0 | 19.3 |Subtotal | 231.3 | 100.0 | 70.0 | 61.3 |Tunisia | Construction of rail link for transporting phosphogypsum waste and upgrading of national rail network | 61.8 | 20.0 | 34.9 | 6.9 |Global loan for financing local authority investment | 198.0 | 25.0 | 80.1 | 50.0 | 42.9 |Subtotal | 259.8 | 45.0 | 80.1 | 84.9 | 49.8 |Syria | Construction and operation of natural gas-fired combined-cycle power plant. | 415.0 | 200.0 | 100.0 | 115.0 |Subtotal | 415.0 | 200.0 | 100.0 | 115.0 |Lebanon | Upgrading and extension of sewerage networks | 111.8 | 45.0 | 44.8 | 22.0 |Subtotal | 111.8 | 45.0 | 44.8 | 22.0 |Algeria | Increase in capacity of M’silia cement plant | 159.9 | 12.5 | 8.3 | 8.3 | 130.8 |Subtotal | 159.9 | 12.5 | 8.3 | 8.3 | 130.8 |Total | 2,769 | 656.7 | 379.6 | 278.0 | 1454.7 |2.3.6 COFINANCING IN 2004 IN THE COUNTRIES OF ASIA AND LATIN AMERICAIn Asia and Latin America, the Bank continues to finance projects that are of interest to both the Community and the country concerned. The mutual interest of the loans signed in 2004 is described in the table below. The Bank cooperates with other IFIs in Asia and Latin America whenever possible.EUR million |Country | Project | Cost | EIB | Bilateral Institutions | Multi-lateral institutions | Other |Mexico | Construction and upgrading of vehicle and engine production facilities | 798 | 70 | 100 | 628 |Brazil | Construction of blast furnace for steel slab production | 916.6 | 56.5 | 247.8 | 612.3 |Total | 1,714.6 | 126.5 | 347.8 | 1,240.3 |Mutual interest of projects in the countries of Asia and Latin AmericaCountry | Project | Mutual interest |Mexico | Construction and upgrading of vehicle and engine production facilities | The project to be implemented by the subsidiary of a leading European company, will bring strategic advantages to the promoter by assuring its position in the key Nafta market |Brazil | Construction of third blast furnace for steel slab production | The project supports investments that enhance the presence of EU companies in ALA countries. A European company is the largest shareholder and other European companies will act as suppliers of equipment and technology but also probably of certain vital raw materials. The proposed investment will help this leading European steel company to consolidate its presence in Brazil where it currently employs about 13 500 employees and one of the world’s fast growing markets. |Panama | Construction of second bridge over Panama canal and associated motorway links. | The project will involve a European constructor and consultant. |Philippines | Financing for small and medium-scale ventures | The operations support EU development and cooperation policies with the Philippines as well as the local operations of a EU financial intermediary. Moreover, allocations will support investment projects featuring a European interest, for instance, the transfer of technology and EU – Filipino Joint Ventures. |2.3.7 LOANS SIGNED IN 2004 IN SOUTH-EASTERN EUROPECountry | Description | Loan (EUR million) | Risk sharing |Romania | Upgrading and expansion of sewerage and water supply networks. | 29 | No |Financing of small and medium-scale ventures | 50 | Yes |Total | 79 |Bulgaria | Construction of combined (road and rail) bridge on Pan-European Corridor IV. | 20 | No |Financing of small and medium-scale ventures | 20 | Yes |Total | 40 |Serbia and Montenegro | Rahabilitation of existing carriageway between Belgrade and Novi Sad (Pan-European Corridor X) and repair of road section between Podgorica and Bar (Adriatic Coast). | 144 | No |Urgent rehabilitation and modernisation of Podgorica and Tivat airports. | 12 | No |Rehabilitation and upgrading of water supply and wastewater collection and treatment networks in Novi Sad and Nis. | 25 | No |Financing of small and medium-scale ventures | 45 | No |Total | 226 |Croatia | Construction of Zupanja-Lipovac motorway section (Pan-European Corridor X). | 45 | No |Total | 45 |Albania | Construction of combined-cycle thermal power plant in Vlore. | 40 | No |Total | 40 |Grand Total | 430 |2.3.8 LOANS SIGNED IN 2004 IN THE MEDITERRANEAN COUNTRIESCountry | Description | Loan (EUR million) | Risk sharing |Egypt | Construction of liquefied natural gas (LNG) plant | 94 | Yes |Construction of two natural gas-fired combined-cycle power generation modules | 160 | No |Acquisition of Airbus aircraft for fleet renewal | 280 | No |Financing of small and medium-scale ventures | 60 | No |Total | 594 |Syria | Construction and operation of natural gas-fired combined-cycle power plant. | 200 | No |Total | 200 |Lebanon | Upgrading and extension of sewerage networks | 45 | No |Financing of small and medium-scale ventures | 60 | No |Total | 105 |Jordan | Construction of gas pipeline across Jordan | 100 | No |Total | 100 |Morocco | Modernisation and environmental upgrading of thermal power plant | 40 | No |Construction of wind farm | 80 | No |Upgrading of wastewater collection and treatment networks | 20 | No |Upgrading of wastewater collection and treatment networks | 20 | No |Upgrading of areas of insanitary social housing | 71 | No |Total | 231 |Tunisia | Improvement of country’s urban road infrastructure | 65 | No |Construction of rail link for transporting phosphogypsum waste and upgrading of national rail network | 20 | No |Improvement of road networks of Greater Tunis and other cities | 40 | No |Decontamination of Tararura coastal site in greater Sfax area | 34 | No |Global loan for financing local authority investment | 25 | No |Total | 184 |Algeria | Increase in capacity of M’silia cement plant | 12.5 | Yes |Total | 12.5 |Turkey | Construction of tunnel including section under Bosphorus and upgrading of rolling stock and existing rail network | 200 | No |First phase of construction of light rail transit system in Bursa. | 55 | No |Financing of small and medium-scale ventures. | 250 150 | No No |Total | 655 |Grand Total | 2,082.5 |2.3.9 LOANS SIGNED IN 2004 IN ASIA AND LATIN AMERICACountry | Description | Loan (EUR million) | Risk sharing |Mexico | Construction and upgrading of vehicle and engine production facilities | 70 | Yes |Total | 70 |Brazil | Construction of third blast furnace for steel slab production | 56.5 | Yes |Total | 56.5 |Panama | Construction of second bridge over Panama canal and associated motorway links | 40.8 | No |Total | 40.8 |Philippines | Financing of small and medium-scale ventures | 40.6 | Yes |Financing of small and medium-scale ventures | 25.0 | No |Total | 65.6 |Grand Total | 232.9 |2.3.10 LOANS SIGNED IN 2004 IN THE REPUBLIC OF SOUTH AFRICACountry | Description | Loan (EUR million) | Risk sharing |Republic of South Africa | Construction of dam and related infrastructure for supplying water to Cape Town Metropolitan Area | 100 | No |Total | 100 |2.4 BREAKDOWN BY REGION AND SECTOR OF EIB LENDING IN 2004 IN THE ACP/OCTEUR million |EC-subsidies | EIB-subsidies |Financial year | Natural disasters | Trans-European Networks | EDF | MEDA | BOSNIA | FYROM |1995 | 6.1 | 25.0 | 28.1 | 15.2 |1996 | 4.3 | 18.0 | 28.6 | 22.4 |1997 | 4.0 | 37.0 | 56.9 | 48.2 |1998 | 2.8 | 20.0 | 24.5 | 30.3 | 2.7 |1999 | 2.2 | 71.0 | 27.1 | 29.2 | 4.0 |2000 | 1.7 | 54.0 | 18.7 | 17.4 | 1.1 |2001 | 1.3 | 15.0 | 14.5 | 26.6 | 2.3 |2002 | 0.9 | 14.3 | 19.9 | 19.1 | 1.0 | 2.5 |2003 | 0.6 | 4.0 | 7.75 | 29.65 |2004 | 0.3 | 20.63 | 9.0 | 23.98 | 2.76 | 1.31 |[1] Including funds of states, promoters and commercial banks.