2006/1016/EC: Council Decision of 19 December 2006 granting a Community guarantee to the European Investment Bank against losses under loans and loan guarantees for projects outside the Community
Date: 2006-12-19
Institutions: Council of the European Union
Subjects: EIB loan, European Investment Bank, budgetary reserve (EU), credit guarantee, financial loss, foreign policy, investment abroad

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Official Journal of the European Union

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COUNCIL DECISION

of 19 December 2006

granting a Community guarantee to the European Investment Bank against losses under loans and
loan guarantees for projects outside the Community

(2006/1016/EC)

THE COUNCIL OF THE EUROPEAN UNION,

(4)

Having regard to the Treaty
Community, and in particular Article 181a thereof,

establishing the European

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Parliament (1),

Whereas:

(1)

(2)

Since 1963, the European Investment Bank (the ‘EIB’) has
undertaken operations outside
in
support of the Community’s external policies.

the Community

Most of those operations have been carried out upon
request by the Council and have benefited from a
Community budgetary guarantee administered by the
Commission. Most recently, the Community guarantee
was established for the period 2000-2007 by Council
Decision 2000/24/EC of 22 December 1999 granting a
Community guarantee against
losses under loans for
projects outside the Community (Central and Eastern
Europe, Mediterranean countries, Latin America and
Asia and the Republic of South Africa) (2) and by
Decisions 2001/777/EC (3)
for
regionally specific lending actions.

and 2005/48/EC (4)

(5)

(6)

(7)

(8)

(3) With a view to supporting EU external action without
affecting the EIB’s credit standing,
the EIB should be
offered a Community budgetary guarantee for operations
carried out outside the Community. The EIB should be
encouraged to increase
the
Community without
to the Community
recourse
guarantee, particularly in the pre-accession countries
and the Mediterranean as well as in investment grade
the
countries in other
coverage of
should be
the Community guarantee
clarified as covering risks of a political or sovereign
nature.

regions, while the nature of

its operations outside

European

carried out

in countries

The Community guarantee should cover losses under
loans and loan guarantees for EIB eligible investment
covered by the
projects
(the ‘IPA’),
for Pre-Accession Assistance (5)
Instrument
the
Partnership
Neighbourhood
Instrument (6) (the ‘ENPI’) and the Development Coop-
eration Instrument (the ‘DCI’), where the loan financing
or guarantee has been granted according to a signed
agreement which
been
cancelled (‘EIB Financing Operations’).

expired

neither

and

nor

has

this Decision should represent

The amounts covered by the Community guarantee
under
for
financing by the EIB under the Community guarantee.
They should not form targets that the EIB should neces-
sarily meet.

ceilings

the Pre-Accession Strategy as

The EU’s external relations policies have been revised and
broadened in recent years. This has notably been the case
for
in the
Commission’s 2005 Enlargement Strategy Paper, for the
in the
European Neighbourhood Policy, as
Commission’s Strategy Paper of 12 May 2004, for the
renewed partnerships with Latin America and South-East
Asia and for the EU’s Strategic Partnerships with Russia,
China and India.

set out

set out

From 2007,
supported by the new financial
IPA,
Stability (7).

the EU’s external relations will also be
the
for

i.e.
the DCI and by the Instrument

instruments,

the ENPI,

in the different

EIB Financing Operations should be consistent with and
support EU external policies including specific regional
objectives. By ensuring overall
coherence with EU
actions, EIB financing should be complementary to corre-
sponding Community assistance policies, programs and
instruments
the
protection of the environment and energy security of
the EIB’s
the Member States
financing objectives in all eligible regions. EIB Financing
Operations should take place in countries complying
with appropriate conditionality consistent with EU high
level
and macro-economic
aspects.

agreements on political

should form part of

regions. Moreover,

(1) Opinion delivered on 30 November 2006 (not yet published in the

(5) Council Regulation (EC) No 1085/2006 of 17 July 2006 (OJ L 210,

Official Journal).

(2) OJ L 9, 13.1.2000, p. 24. Decision as last amended by Decision

2006/174/EC (OJ L 62, 3.3.2006, p. 26).

(3) OJ L 292, 9.11.2001, p. 41.
(4) OJ L 21, 25.1.2005, p. 11.

31.7.2006, p. 82).

(6) Regulation (EC) No 1638/2006 of the European Parliament and of
the Council of 24 October 2006 (OJ L 310, 9.11.2006, p. 1).
(7) Regulation (EC) No 1717/2006 of the European Parliament and of
the Council of 15 November 2006 (OJ L 327, 24.11.2006, p. 1).

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(9)

as

as well

The policy dialogue between the Commission and the
EIB,
strategic planning and coherence
between EIB and Commission financing should be
strengthened. The link between EIB activities outside
the Community and EU policies should be strengthened
via enhanced cooperation between the EIB and the
Commission at central, as well as at field level. Such
inter alia,
strengthened coordination should include,
early mutual
to policy
consultation with respect
matters, preparation of papers of mutual significance
and project pipelines. Of particular importance will be
early consultation on strategic programming documents
prepared by the Commission or by the EIB, to maximise
synergies between EIB and Commission activities and
measure progress towards the fulfilment of relevant EU
policy objectives.

(10) With regard to pre-accession countries, EIB financing in
those countries should reflect the priorities established in
the Accession and European Partnerships, in the Stabili-
sation and Association agreements and in negotiations
with the EU. The focus of EU action in the Western
Balkans
should continue to shift progressively from
reconstruction to pre-accession support. In this context,
in addition, also seek to
the EIB activity should,
aspect, where
the
encourage
in
relevant,
International
Institutions (‘IFIs’) active in the region. Over
Financial
the period 2007-2013, financing to candidate countries
(Croatia, Turkey and the former Yugoslav Republic of
the
Macedonia) should increasingly take place under
Pre-Accession Facility made available by the EIB, which
should be extended over time to cover the potential
candidate countries in the Western Balkans in line with
the progress of their accession process.

cooperation with

institution

building

other

structural

in particular

(11) With regard to countries covered by the ENPI, the EIB
should continue and consolidate its activities in the Medi-
terranean region, enhancing its focus on private sector
development.
In this respect, cooperation by partner
countries to facilitate private sector development and
financial
reform,
encourage
sector reform,
is needed, as well as other measures to
facilitate EIB activities, in particular to ensure that the EIB
can issue bonds in local markets. As regards Eastern
Europe, Southern Caucasus and Russia, the EIB should
enhance its activities in the countries concerned in line
with appropriate conditionality consistent with EU high
level agreements with the country in question on political
and macro-economic aspects.
the EIB
should finance projects of significant interest to the EU
in transport, energy, telecommunications and environ-
mental
should be given to
projects on extended major Trans European Network
axes, projects with cross-border implications for one or
favouring
more Member States and major projects
regional
In
the environmental sector, the EIB should in Russia give
particular priority to projects within the framework of
the Northern Dimension Environmental Partnership. In
the energy sector, strategic energy supply and energy

integration through increased connectivity.

infrastructure. Priority

In this region,

importance. EIB
transport projects are of particular
Financing Operations in this region should be carried
out in close cooperation with the European Bank for
Reconstruction and Development
in
particular according to the terms to be set out in a
tripartite Memorandum of Understanding between the
Commission, the EIB and the EBRD.

EBRD’),

(‘the

(12)

(13)

(14)

financed

Community

EIB financing in the Asian and Latin American countries
will be progressively aligned with the EU cooperation
strategy in those regions and be complementary to
budgetary
by
instruments
resources. The EIB should endeavour to progressively
expand its activities across a larger number of countries
in those regions,
including in the less prosperous
countries. In support of EU objectives, EIB financing in
the Asian and Latin American countries should focus on
environmental sustainability (including climate change
mitigation) and energy security projects, as well as the
continued support of EU presence in Asia and Latin
Investment, and the
America through Foreign Direct
transfer of
technology and know how. Taking into
account cost-efficiency, the EIB should be able to work
also directly with local companies,
in particular in the
field of environmental sustainability and energy security.
The mid-term review will re-examine the objectives of
the EIB financing in Asia and Latin America.

In Central Asia, the EIB should focus on major energy
supply and energy transport projects with cross-border
implications. EIB financing in Central Asia should be
in
carried out
particular according to the terms to be set out in a
tripartite Memorandum of Understanding between the
Commission, the EIB and the EBRD.

in close cooperation with the EBRD,

the EIB activities under the Cotonou
To complement
Agreement for the ACP countries,
in South Africa the
EIB should focus on infrastructure projects of public
infrastructure, power and
interest (including municipal
water
including
SMEs. The
the provisions on
economic cooperation under the EU-South Africa Trade
further
and Development Cooperation Agreement will
promote EIB activities in this region.

supply) and private sector

implementation of

support,

(15) With a view to enhancing the coherence of overall EU
support in the regions concerned, opportunities should
be sought to combine EIB financing with EU budgetary
resources as appropriate, in the form of grant support,
risk capital and interest rate subsidies, alongside technical
assistance for project preparation,
implementation or
enhancement of
the legal and regulatory framework,
through the IPA, the ENPI, the Instrument for Stability
and, for South Africa, the DCI.

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(16)

(17)

(18)

institutions. This

The EIB already closely cooperates with IFIs and with
European bilateral
cooperation is
guided by regionally-specific Memoranda of Under-
standing, which should be approved by the governing
In its financing operations outside
bodies of the EIB.
the EU falling within the scope of this Decision, the
EIB should endeavour to further enhance coordination
and cooperation with IFIs and with European bilateral
institutions where relevant, including, where appropriate,
increased use of
cooperation on sector conditionality,
cofinancing and participation with other IFIs in global
initiatives, such as those promoting aid coordination
and efficiency.

the information received from the EIB,

Reporting by the EIB and the Commission on EIB
Financing Operations should be strengthened. On the
basis of
the
Commission should report, on an annual basis, to the
European Parliament and the Council on the EIB
Financing Operations carried out under this Decision.
The report should,
include a section on
in particular,
value-added in line with EU policies, and a section on
cooperation with the Commission, other
and
bilateral donors, including on cofinancing.

IFIs

(21)

in consultation with the
The EIB should prepare,
Commission, an indicative multi-annual programme of
the volume of signatures of EIB Financing Operations,
so as to ensure an appropriate budgetary plan for provi-
sioning the Guarantee Fund. The Commission should
take
regular budget
programming transmitted to the budgetary authority,

this plan in its

account of

HAS DECIDED AS FOLLOWS:

Article 1

Guarantee and ceilings

(the

‘EIB’)

global

The Community shall grant
a

the European Investment
1.
‘Community
guarantee
Bank
(the
guarantee’)
in respect of payments not received by the EIB,
but due to it, in respect of loans and loan guarantees for EIB
eligible investment projects carried out in countries covered by
this Decision, where the loan financing or guarantee has been
granted according to a signed agreement which has neither
expired nor been cancelled (‘EIB Financing Operations’) and
has been granted in accordance with the EIB’s own rules and
procedures and in support of
the relevant external policy
objectives of the European Union.

The Community guarantee established by this Decision
should cover EIB Financing Operations signed during a
period beginning on 1 February 2007 and ending on 31
December 2013. In order to be able to take stock of the
developments during the first half of that period, the EIB
and the Commission should prepare a mid-term review
of the Decision. This review should in particular include
an external evaluation whose terms of reference are
specified in Annex II.

2.
The Community guarantee shall be restricted to 65 % of
the aggregate amount of credits disbursed and guarantees
provided under EIB Financing Operations, less amounts reim-
bursed, plus all related sums.

The maximum ceiling of the EIB Financing Operations
3.
throughout
less
the period referred to in paragraph 6,
amounts cancelled, shall not exceed EUR 27 800 million. This
maximum ceiling shall be broken down into two parts:

(19)

EIB Financing Operations should continue to be managed
in accordance with the EIB’s own rules and procedures,
including appropriate control measures, as well as with
the relevant rules and procedures concerning the Court
of Auditors and OLAF.

(a) a basic ceiling of a fixed maximum amount of EUR 25 800
regional distribution defined in
to cover the entire period referred to in

including its

million,
paragraph 4,
paragraph 6;

(20)

The Guarantee Fund for External Action (the ‘Guarantee
Fund’), established by Council Regulation (EC, Euratom)
No 2728/94 of 31 October 1994, should continue to
provide a liquidity cushion for the Community budget
against losses on EIB Financing Operations (1).

(1) OJ L 293, 12.11.1994, p. 1. Regulation as last amended by Regu-
lation (EC, Euratom) No 2273/2004 (OJ L 396, 31.12.2004, p. 28).

(b) an optional mandate of EUR 2 000 million. The activation
in whole or in part of this optional amount and its regional
distribution will be decided by the Council
in accordance
with the procedure foreseen in Article 181a(2) of the Treaty.
The decision will be based on the outcome of the mid-term
review set out in Article 9.

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The basic ceiling referred to in paragraph 3(a) shall be

4.
broken down into the following binding regional ceilings:

with the procedure provided for in Article 181a(2) of
Treaty.

the

(a) Pre-Accession countries: EUR 8 700 million;

(b) Neighbourhood and Partnership countries: EUR 12 400

million;

carried out

The Community guarantee shall only cover EIB Financing
3.
Operations
in countries having concluded a
framework agreement with the EIB establishing the legal
conditions under which such EIB Financing Operations are to
be carried out.

broken down into the following indicative sub-ceilings:

(i) Mediterranean: EUR 8 700 million;

(ii) Eastern

Europe,

Southern Caucasus

and Russia:

EUR 3 700 million;

(c) Asia and Latin America: EUR 3 800 million;

broken down into the following indicative sub-ceilings:

In the event of serious concerns over the political or
4.
economic situation in a specific country,
the Council may
decide to suspend new EIB financing under Community
guarantee in that country in accordance with the procedure
provided for in Article 181a(2) of the Treaty.

The Community guarantee shall not cover EIB Financing
5.
Operations
agreement
concerning such EIB Financing Operations has been signed
after that country’s accession to the EU.

country when the

specific

in a

(i) Latin America: EUR 2 800 million;

Consistency with policies of the European Union

(ii) Asia: EUR 1 000 million;

(d) Republic of South Africa: EUR 900 million.

1.
The consistency of EIB external actions with the external
policy objectives of the European Union shall be strengthened
with a view to maximising synergies of EIB financing and
budgetary resources of the European Union, notably through
regular and systematic dialogue and early consultation on:

Article 3

5. Within the regional ceilings, the governing bodies of the
EIB may decide to reallocate an amount of up to 10 % of the
regional ceiling between sub-ceilings.

(a) strategic documents prepared by the Commission, such as
country and regional strategy papers, action plans and pre-
accession documents;

6.
The Community guarantee shall cover EIB Financing
Operations signed during the period beginning on 1 February
2007 and ending on 31 December 2013.

(b) the EIB’s strategic planning documents and project pipelines;

7.
If, on expiry of the period referred to in paragraph 6, the
Council has not adopted a decision granting a new Community
Guarantee to the EIB for its Financing Operations outside the
Community, that period shall be automatically extended by six
months.

Article 2

Countries covered

1.
The list of countries eligible or potentially eligible for EIB
financing under Community guarantee is laid down in Annex I.

(c) other policy and operational aspects.

2.
The cooperation shall be carried out on a regionally differ-
entiated basis, taking into consideration the EIB’s role as well as
the policies of the European Union in each region.

An EIB Financing Operation will not be included under
3.
the cover of the Community guarantee in case the Commission
delivers a negative opinion on such operation within the
framework of the procedure provided for in Article 21 of the
Statutes of the EIB.

For countries listed in Annex I and marked with ‘*’ and for
2.
other countries not listed in Annex I, the eligibility of such
country for EIB financing under Community guarantee shall
be decided by the Council on a case by case basis in accordance

The consistency of EIB Financing Operations with the
the European Union shall be

4.
external policy objectives of
monitored in accordance with Article 6.

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Article 4

Article 6

Cooperation with other International Financial Institutions

Reporting and accounting

1.
EIB Financing Operations shall increasingly be carried out,
where appropriate, in cooperation between and/or by means of
cofinancing by the EIB and other IFIs, or European bilateral
in order to maximise synergies, cooperation and
institutions,
efficiency and to ensure reasonable sharing of
risks and
coherent project and sector conditionality.

2.
This cooperation shall be facilitated by coordination,
carried out notably in the context of Memoranda of Under-
standing, where appropriate, between the Commission,
the
EIB and the main IFIs and European bilateral
institutions
operating in the different regions.

The cooperation with IFIs and other donors shall be

3.
assessed at the mid-term review set out in Article 9.

Article 5

Coverage and terms of the Community Guarantee

For EIB Financing Operations entered into with a State, or
1.
guaranteed by a State, and for other EIB Financing Operations
entered into with regional or local authorities or government-
owned and/or government-controlled public enterprises or insti-
tutions, where such other EIB Financing Operations have an
appropriate EIB credit risk assessment taking into account the
credit risk situation of the country concerned, the Community
guarantee shall cover all payments not received by the EIB, but
due to it (the ‘Comprehensive Guarantee’).

For the purposes of this Article and Article 6(4), the notion of
State includes the West Bank and Gaza Strip, as represented by
the Palestinian Authority, and Kosovo, as represented by the UN
Interim Administration Mission.

For EIB Financing Operations other than those indicated
2.
in paragraph 1,
the Community guarantee shall cover all
payments not received by the EIB, but due to it, where the
non-receipt has been caused by the realisation of one of the
following political risks (the ‘Political Risk Guarantee’):

(a) non-transfer of currency;

(b) expropriation;

(c) war or civil disturbance;

(d) denial of justice upon breach of contract.

1.
The Commission shall report annually to the European
Parliament and the Council on the EIB Financing Operations
carried out under this Decision. The report shall
include an
impact and effectiveness of EIB Financing
assessment of
Operations at project, sector, country and regional
level as
well as the contribution of the EIB Financing Operations to
the
the
European Union, taking into account the operational objectives
of the EIB. It shall also include an assessment of the extent of
cooperation between the EIB and the Commission and between
the EIB and other IFIs and bilateral donors.

external policy objectives of

fulfilment of

the

For the purposes of paragraph 1, the EIB shall provide the
2.
Commission with yearly reports of EIB Financing Operations
carried out under this Decision and of the fulfilment of the
external policy objectives of
including
cooperation with other IFIs.

the European Union,

3.
The EIB shall provide the Commission with statistical,
financial and accounting data on each of the EIB Financing
Operations as necessary to fulfil
reporting duties or
requests by the European Court of Auditors as well as with
an auditor’s certificate on the outstanding amounts of the EIB
Financing Operations.

its

the

risks

For the purposes of the Commission’s accounting and
4.
the Comprehensive
covered by
reporting of
Guarantee,
the EIB shall provide the Commission with the
EIB’s risk assessment and grading information concerning EIB
Financing Operations with borrowers or guaranteed obligors
other than States.

The EIB shall provide the information referred to in para-

5.
graphs 2, 3 and 4 at its own expense.

Article 7

Recovery of payments made by the Commission

If

the Commission makes any payment under

the
1.
in the name and on
the EIB shall,
Community guarantee,
behalf of the Commission, pursue the recovery of claims for
the amounts paid.

The EIB and the Commission shall

2.
into an
agreement laying down the detailed provisions and procedures
relating to recovery of claims no later
than the date of
conclusion of the agreement referred to in Article 8.

enter

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Article 8

Guarantee agreement

The Commission shall present a final report on the appli-

2.
cation of this Decision by 31 July 2013.

The EIB and the Commission shall enter into a guarantee
agreement laying down the detailed provisions and procedures
relating to the Community guarantee.

Article 10

Application

Article 9

Review of the Decision

1.
The Commission shall present to the European Parliament
and the Council a mid-term report on the application of this
Decision by 30 June 2010, accompanied, as appropriate, by a
proposal
amendment, drawing upon an external
evaluation whose terms of reference are specified in Annex II
of this Decision.

for

its

This Decision shall take effect on the third day following its
publication in the Official Journal of the European Union.

Done at Brussels, 19 December 2006.

For the Council
The President

J. KORKEAOJA

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ANNEX I

Regions and countries covered by Article 1

A. PRE-ACCESSION COUNTRIES

1. Candidate countries

Croatia, Turkey, the former Yugoslav Republic of Macedonia.

2. Potential candidate countries

Albania, Bosnia and Herzegovina, Montenegro, Serbia, Kosovo under United Nations Security Council Resolution
1244 (1999).

B. NEIGHBOURHOOD AND PARTNERSHIP COUNTRIES

1. Mediterranean

Algeria, Egypt, the West Bank and the Gaza Strip, Israel, Jordan, Lebanon, Libya (*), Morocco, Syria, Tunisia.

2. Eastern Europe, Southern Caucasus and Russia

Eastern Europe: Moldova, Ukraine, Belarus (*)

Southern Caucasus: Armenia, Azerbaijan, Georgia;

Russia: Russia.

C. ASIA AND LATIN AMERICA

1. Latin America

Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, Uruguay, Venezuela.

2. Asia

Asia (without Central Asia):

Afghanistan (*), Bangladesh, Bhutan (*), Brunei, Cambodia (*), China (including Hong Kong and Macao Special
Iraq (*), South Korea, Laos, Malaysia, Maldives, Mongolia, Nepal,
Administrative Regions),
Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan (*), Thailand, Vietnam, Yemen.

Indonesia,

India,

Central Asia:

Kazakhstan (*), Kyrgyzstan (*), Tajikistan (*), Turkmenistan (*), Uzbekistan (*).

D. SOUTH AFRICA

South Africa.

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ANNEX II

Mid-term review and terms of reference for the evaluation of the EIB’s external mandate

Mid-term review

A substantive mid-term review of EIB external financing will be conducted by 2010. This review, which will be fully
informed by an independent external evaluation to be transmitted to the Council, will provide the basis for a decision by
Member States whether and to what extent to release any optional mandate topping-up possible lending in the period
following 2010 in a second stage, whether to make other amendments to the mandate, and how to ensure maximum
value-added and efficiency in the EIB's operations. The Commission will present the mid-term review to the European
Parliament and to the Council by 30 June 2010, as the basis for any proposal for the amendment of the mandate. The
Council will decide as appropriate after consulting the European Parliament.

The framework of the evaluation

It will include:

a. an evaluation of the EIB's external financing activities. Parts of the evaluation will be conducted in cooperation with

the EIB's and the Commission's evaluation departments;

b. an assessment of the wider impact of the EIB's external lending on interaction with other IFIs and other sources of

finance.

The evaluation will be supervised and managed by a steering committee comprising several ‘wise persons’ appointed by
the EIB Board of Governors, an EIB and a Commission representative. The steering committee will be chaired by one such
‘wise person’. It will convene no later than during the first semester of 2008.

The steering committee will be supported by the EIB's and the Commission's evaluation departments and by external
expertise. These external experts will be selected through a Commission tender process. The steering committee will be
consulted on the terms of reference and on the criteria for the selection of the external experts. The costs of external
experts will then be borne by the Commission and will be covered by the budget line dedicated to the provisioning of the
Guarantee Fund.

The final evaluation report submitted by the steering committee will draw clear conclusions, based on the information
gathered, to base the decision of the mid-term review on whether to release the optional tranche for the remaining term
of the mandate and on the regional distribution of any additional financing.

The scope of the evaluation

The evaluation will cover the previous mandates (2000-2006) and the first years of the 2007-2013 mandate until end
2009. It will examine project financing volumes and disbursements by country as well as technical assistance and risk
capital operations. Considering the effects at project, sector, regional and country level, the evaluation will base its
conclusions on:

a.

the in-depth evaluation of the relevance, performance (effectiveness, efficiency and sustainability) of EIB operations
against their specific regional objectives as originally set within the relevant EU external policies as well as of their
value-added (to be conducted in association with the EIB's evaluation unit and Commission services);

b. the assessment of consistency with the relevant EU external policies and strategies and of the additionality and value-
added of EIB operations in the first years of the 2007-2013 mandate in the framework of the specific regional
objectives in the 2007-2013 mandate and of the corresponding performance indicators to be set by the EIB (to be
conducted in association with the EIB's evaluation unit and Commission services).

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In these assessments, value-added of EIB operations will be measured against three elements: support of EU policy
objectives, the quality of the projects themselves and alternative sources of financing.

a. analysis of the financial needs of the beneficiaries, their absorption capacity and the availability of other sources of

private or public financing for the relevant investments;

b. the assessment of the cooperation and coherence of actions between EIB and the Commission;

c.

the assessment of the cooperation and synergies between the EIB and international and bilateral finance institutions
and agencies.