CELEX: 11957E/PRO/BEI/20
Language: en
Date: 1957-03-25 00:00:00
Title: TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 20

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11957E/PRO/BEI/20

TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 20  

++++Article 20  In its loan and guarantee operations , the Bank shall observe the following principles :  1 . It shall ensure that its funds are employed as rationally as possible in the interests of the Community .  It may grant loans or guarantees only :   ( a ) where , in the case of projects carried out by undertakings in the production sector , interest and amortisation payments are covered out of operating profits or , in other cases , either by a commitment entered into by the State in which the project is carried out or by some other means ; and   ( b ) where the execution of the project contributes to an increase in economic productivity in general and promotes the attainment of the common market .  2 . It shall neither acquire any interest in an undertaking nor assume any responsibility in its management unless this is required to safeguard the rights of the Bank in ensuring recovery of funds lent .  3 . It may dispose of its claims on the capital market and may , to this end , require its debtors to issue bonds or other securities .  4 . Neither the Bank nor the Member States shall impose conditions requiring funds lent by the Bank to be spent within a specified Member State .  5 . The Bank may make its loans conditional on international invitations to tender being arranged .  6 . The Bank shall not finance , in whole or in part , any project opposed by the Member State in whose territory it is to be carried out .