CELEX: 51993PC0212
Language: en
Date: 1993-05-17
Title: Proposal for a COUNCIL DECISION granting a Community guarantee to the European Investment Bank against losses under loans for projects in Central and Eastern European countries (Poland, Hungary, the Czech Republic, the Slovak Republic, Romania, Bulgaria, Latvia, Estonia, Lithuania and Albania)

COMMISSION OF THE EUROPEAN CCRtolUNITIES
                                                           COM(93) 212   final
                                                           Brussels. 17 May 1993
                                 fflïMMIlKlirATION F p ™ ™  g
                                                              COMMISSION
                    concerning the Intervention of the European Investment Bank
                              In Central and Eastern European countries
                                             Proposal for a
                                            fflWNT11 DECISION
                                    granting a Community guarantee
§*». /f                             to the European Investment Bank
  is '*& % ^ '                         against losses under loans
                                              for projects
                               In Central and Eastern European countries
                      (Poland. Hungary, the Czech Republic, the Slovak Republic,
                     Romania. Bulgaria. Latvia. Estonia. Lithuania and Albania)
                                       (presented by the Commission)
     IP-? •
 ---pagebreak---                                   -ï -
             COMMUNICATION FROM THE COMMISSION
                             LIST OF CONTENTS
A. Community commitments     In Central and    Eastern European countries
   (CEEC): Decisions regarding the EIB.
B. EIB activities In the CEEC.
C. Impact of the EIB activities in the CEEC.
D. Obstacles encountered and ways to overcome them.
E. Cooperation with other Institutions.
F. The new programme.
G. Cone Ius i ons.
 ---pagebreak---                                     - 3-
 <•" COMMUNITY COMMITMENTS    IN CENTRAL AND    EASTERN   EUROPEAN COUNTRIES
     (CEEC): DECISIONS REGARDING THE EIB
 1.  Since the Arche summit (July 1989). the Commission has coordinated the
     financial assistance of G-24 and has established progressively, since
     1991, a series of bilateral Agreements with            the CEEC. These
     Agreements    Include activities of different      types: direct   aid,
     technical assistance and balance of payments loans as well as EIB
     loans guaranteed by the Community. Regarding the latter, it is to be
     noted that these countries explicitly requested these types of loans
     at the time of the Agreements.
 2.  In October 1989 the Council Invited the Bank, who agreed, to make
      loans to Poland and Hungary. On 12 February 1990, C ) the Council
     decided to provide Community budget guarantees for a three year period
     for loans not exceeding ECU 1 billion.
 3.  On 14 May 1991, the Council extended Its invitation to the Czech and
     Slovak Federal Republics, Bulgaria and Romania. The Council Decision
     (2) set a celling of ECU 700 million for a two year period.
     The two decisions mentioned above will shortly expire.
 4.  At their meeting held on 11 November 1991, Ministers from the G-24
     confirmed the extension of their economic assistance to Estonia,
     Latvia    and Lithuania. Accordingly,    an ECOFIN Council     Decision
     offering a Community guarantee to EIB loans of up to ECU 200 million
     In these countries was approved on 15 February 1993.
 5.  At the Tirana Conference on 22 and 23 July 1992, the Community and its
     Member States agreed to mobilize all the means at their disposal in
     order to help the economy of Albania, by far Europe's poorest
     country. Therefore, the Commission proposed to the Council that it
     should Invite the EIB to undertake a programme of loans totalling ECU
     SO million, benefitting from Community budget guarantees as well as
     interest subsidies, in this country.
(1)       Council Decision 90/62/EEC of 12 February 1990.
(2)       Council Decision 91/252/EEC of 14 May 1991.
 ---pagebreak---                                   - M--
 6. In December 1992. the European Council In Edinburgh Invited the
    Council and the EIB. In full consultation with the Commission, to give
    urgent and sympathetic consideration to the establishment of a new,
    temporary lending facility of ECU 5 billion within the EIB. The
    purpose of this new facility. Itself an element of the economic growth
    Initiative, would be to accelerate the financing of capital
    infrastructure projects in the Community, notably connected with the
    Trans-European Networks. This new facility may also be extended to
    projects Involving the countries of Central and Eastern Europe to the
    extent that they are of mutual interest and ensure the inter-
    operability of networks with the Community.
B.  EIB ACTIVITIES IN THE CEEC
 7. At the end of 1992. the EIB concluded loan contracts in the two groups
    of countries mentioned      In Table 1 (Poland and Hungary; ex-
    Czechoslovak la. Romania and Bulgaria) for a total amount of ECU 820
    million. Furthermore, projects under formal appraisal and in an
    advanced stage of preparation amount to approximately ECU 700 million.
    When financing operations at an earlier stage of processing are
     included (approximately ECU 500 million), the total amount under
    consideration (approximately ECU 2000 million) exceeds the guarantee
    granted.   Therefore, the Bank has sufficient leeway to choose those
    projects which meet the Community's objectives and to exhaust the
    authorised ceiling (see Table 1. column 1 ) .
    As regards the loan time profile, a comparison of the time lapse
    between the contracts signed and projects in an advanced stage of
    preparation (Table 1. lines 2 and 3) shows that, logically, the early
    stages of this action were slow; first of all. the Bank must secure
    contacts with new financial partners and then it must ensure that the
    projects submitted are sound; when these preliminary phases are
    mastered, the pace accelerates.
 ---pagebreak---                                                                                 - S -
                        TaWel.                          EIB activities in the CEEC at the end of -1992 (mio ECU)
                                                                                                Romania      Bulgaria •i T O T A t
                                                 •   •
                                                           Poland       Hungary Czech and
                                                                                   Slovak Rep
                                                                                                 •
  Number of operations                                             6             7          1             1          2 y.,v,;v:.:- ^
: Signed contracts                                             290            305          85      •
                                                                                                         25       115             820
; Operations at advanced stage                                  105           100         303          113         73             694
  TOTAL •        ''" - • • * * • * * * • * * * *                      -   ;   405    - ;
                                                                                         388. ™'f*~ "^38 :             "-'1514
                           * t Ah ~ .V . **Js< . .* ...
  Guarantee                                                     1000                                 700                        1700
Source: EIB
              8.    The geographical distribution of the loans is indicated in Table 1.
                    This table shows that the loans already signed In Poland and Hungary
                    account for approximately two thirds of their ceiling. It can also be
                    observed that the ElB's lending activity in the remaining four
                    countries, although more recent. Is proceeding rapidly.
                    The relative Importance of the loans signed In Poland and Hungary
                    reflects, on the one hand, the fact that economic reforms and the
                    decision to grant EIB loans to these countries began a year earlier
                    than In the remaining countries In the group-, consequently, the Bank
                    was able to start Its loan programme earlier. On the other hand,
                    these two economies are at a relatively more advanced stage in their
                    development and, therefore, better able to absorb and manage the EIB
                    loans.
                    The distribution of the signed loans across sectors (Table 2 ) , shows
                    that global loans to SMEs form by far the most important group,
                    followed by the telecommunications and energy sectors. These are
                    areas In which the EIB has a long experience and have been selected,
                    by common agreement, as priority objectives.
 ---pagebreak---                                                                               - G -
                             Table 2r  v Distributiorvbf signed projects by sectors (mio ECU)
                                                                                         T
    Sector                                      Poland                  Hungary Czechoslovj Romania i Bulgaria                TOTAI-
 1. Transport (road and rail)                                    20          50
 2. Air traffic                                                  50          20
 3. Energy                                                       50          50                 25                     45         170
 4. Telecommunications                                           70          80                                        70         220
 5. Global loans (SME)                                        100           105        85                                        290
                                        K >*. *4***j*. T / y / «et. • y
                    •v$&i
                                                                           ââ$                  25   :"-.".'fS^!t'*i>r-''-5?"    «820
 ~r 'ï'T&frVi&Hî*.^
Source: EIB
                  C.       IMPACT OF THE        EIB ACTIVITIES IN THE CEEC
                           It is difficult to evaluate quantitatively the impact of the
                          activities of the EIB as yet, given that most of the projects
                          supported by the Bank are still In progress. Furthermore, EIB loans
                          should be regarded as part of the overall effort by the Community to
                          assist the economic development of the CEEC (an indication of which is
                          given in Table 3) and consequently, their economic impact cannot be
                          estimated separately.
                          This said, It should be noted that the share of EIB loans in the
                          financing of the projects in the CEEC stands at 38% (see Table 4 ) .
                          This figure underlines the Important leverage effect of the EIB
                           interventions in the Investment efforts of those countries.
                          There is no doubt that these projects will have a very positive effect
                          on the economies of those countries: the direct creation of new Jobs,
                          in particular through global loans to SMEs, the improvement of the
                          Investment environment, etc. This Is particularly true thanks to the
                          role played by the EIB loans In the financing of investment in basic
                          infrastructure (see Table 2 ) , which is essential for the development
                          of the private sector.
 ---pagebreak---                                                   ->  -
                   Table 3. : C^
                                                            1991                 1992
Budgetary funds (PHARE)                                      759                 1445
Balance of payments loans (signed)                           695                  785
EIB loans (signed)                                           285                  320
TOTAL                                                       1739                 2550
                 Moreover, there are also important indirect effects produced by the
                 activities of the Bank in the CEEC. The Bank's operations in the
                 region give foreign Investors a clear signal of the political
                 commitment of the Community to help the CEEC to succeed in this
                 challenging period. This commitment inspires confidence and draws
                 additional private foreign Investment to the region.
            D.   OBSTACLES ENCOUNTERED AND WAYS TO OVERCOME THEM
             10. The EIB has encountered a number of obstacles in the execution of its
                  tasks.    These obstacles are in general the result of the particular
                 circumstances     these   countries    are  currently   facing   and   the
                 difficulties they are going through in this transitional stage. They
                 could be grouped as obstacles arising from:
                      the general     economic  situation   and   the  heavy   bureaucratic
                      procedures;
                      the lack of adequate Institutions and/or human resources.        This
                       is particularly serious in the Identification of projects and
                      reflects the relevant country's restricted capacity           in the
                      preparation of proposals. It also compels the Bank to participate
                      much more In the preparation of studies and other necessary
                      activities prior to the investment;
 ---pagebreak---                                  -  *  -
        the lack of domestic partners. As mentioned before, the EIB loans
        represent only a fraction of the projects' total cost, the rest
        having to be financed by other         international  institutions
        (particularly EBRD and IBRD, etc.), and by the States concerned,
        regional and local authorities and other private investors.     It
        Is not, however, always easy to find the adequate national
        partners to complete the financing of a project.
        More specifically, the lack of the financial Intermediaries
        through which to channel the EIB loans has represented a
        particular hurdle In the Bank's activities regarding SMEs.
        budget limitations and constraints. These countries apply, with
        the support of the IMF, very strict budgetary policies and this
        limits their ability to embark on much needed but costly
        investments.
11. Much needs to be done to improve the "structure d'accueil" for the EIB
    loans. As an example, one could mention the need for these countries
    to foresee In their budgets enough room for the guarantees required
    for the EIB loans.
    There Is no doubt, however, that the efforts already made by these
    countries, with the support of the Community's aid through the PHARE
    programme, have already contributed to the easing of some of the
    difficulties encountered by the Bank.
    More generally, the ever closer         cooperation with    the other
    Institutions active In the region will render the Community's actions
    In general, and the ElB's in particular, more dynamic and efficient.
 ---pagebreak---                                     - <=1  -
                     OWITK
In general terms, the EIB operates in these countries as it does in the
Cormunlty. The Bank issues commercial paper and makes loans, passing on to
the borrower, following the customary rules, the conditions obtained by the
Bank. These are long-term fixed-rate loans, benefitting from a grace period
determined by the characteristics of the project.
1.   Currencies: in one or several currencies, following        the customer's
     requirements and the Bank*s resources. In all cases,       operations are
      labelled in BJJ.
2.   Duration: this is a function of the type of project and the nature of
      the borrowing. In general:
      industrial projects                 10 to 12 years;
      infrastructure projects         : 12 to 15 years (exceptionally
                                          20 years).
3-   Interest rate: the rate of borrowing from the market incremented by
     0.13% to cover administrative expenses.
     This is regardless of the nationality     of the customer, the    project's
      location or the customer's risk.
     The interest rate is conditioned by the currency requested and is
     normally fixed for the duration of the contract;     other formulae could
     be considered.
4.   Payment : in the same currency as the loan; usually in 6-month
     Instalments (following a grace period of ±. 3 years determined
     according to the project    characteristics).
5.   Call for tender: the Community regulations regarding international
     competition apply; usually, the guarantee of the State concerned is
     requested, although other first-class    guarantees could be envisaged.
6.   In the case of large projects,       the borrowers in the countries in
     question are often public firms or financial institutions      controlled
     by the State.
 ---pagebreak---                                         - 10 -
    COOPERATION WITH OTHER INTERNATIONAL INSTITUTIONS
12. The EIB in Its report "The countries         of Central   and Eastern Europe and
    the European Investment       Bank",    analyses In detail the collaboration
    with other international Institutions active in the area.                The report
    underlines especially the close collaboration among them all, each
    offering the CEEC their particular expertise.              In almost every large
  1
    project for which much finance Is required, there are two, and
    sometimes three, Institutions working Jointly; it is evident however,
    that in a more general context, the complementary role played by the
    different Institutions manifests Itself, not only through the shared
    financing, but also through their specific responsibilities.
    The World Bank acts mainly In the elaboration of appropriate sectoral
    policies, defining in this manner the environment and the priorities
    required for the transition of the CEEC to a market based economy.
    The EBRD, active both as a development bank and a commercial one, is
    in particular engaged in the reforms of the banking and the financial
    sector and In the development of the private sector. To this end, the
    EBRD has a number of specialised instruments.
    The EIB remains a financing institution specialising in investment
    projects. It has long experience In Community policies, both within
    and outside the Community. In agreement with these policies, the
    Bank's financing operations in the CEEC, although mainly oriented
    towards Infrastructure projects, benefit also the industrial sector
    and In particular the SMEs.
    Finally, cooperation with the Commission has taken place mainly
    through the PHARE programme. A number of feasibility studies have
    been financed by the programme at the request of the Bank, and under
    the latter's supervision, to help in the preparation of projects.
    The table below (Table 4) gives a picture of collaboration between
    international Institutions In the CEEC countries.
                                                                  V^:fi"- "5
            EIB        EBRD        IBRD        Other (1) TOTAL (2)
               38.0         14.5         11.4        36.1           100
                  _1_
       (1 ) States, public bodies or other domestic financial sources
       (2) The total represents the cost of projects for all sectors in
            which the EIB has intervened.
 ---pagebreak---                                                                      -  11 -
    <••• •^•:'-;"'? c '-i- 1 . ''•• J*.
                                           Project Finance   Large Fast    Host             Private   Public
                                                             Disbursing    Government       Sector    Sector
                                                             Policy-Based guarantees
                                         Loans        Equity loans
  WORLD BANK Yes                                     No        Yes        Required       Yes         Yes
  IFC                                   Yes          Yes       No         Excluded       Yes         No
  EIB                                   Yes          No        No         Required       Yes, espe-  Yes
t
                                                                                         cially SMEs
  EBRD                                  Yes          Yes       No         According to Yes           Yes
                                                                          circumstances!
 ---pagebreak---                                    - 1Z -
F.   THE NEW PROGRAMME
 13. The present proposal has a dual aim. Firstly, to provide Community
     budget guarantees for an indicative three-year period for loans not
     exceeding ECU 3,000 million so as to allow EIB operations in the CEEC
     to continue and secondly, to incorporate all EIB operations in this
     region In a single framework.
 14. The renewal of the Community guarantees to EIB loans in the CEEC
     countries stems from the fact that the potential demand for credit, as
     shown by the above analysis of the existing programme, will continue
     to be large In the near future as the process of economic and social
     development of these countries is still far from complete. Likewise,
     the need for external financing In these countries remains very high.
     Given, then, the Important role played by the EIB in the financing of
     projects In the area, especially In Infrastructure, the continuation
     of the Bank's operations would seem to be essential. It should also
     be noted that the EIB loans fall within the framework of the European
     Cooperation Agreements which were signed for an unlimited period with
     these countries at the end of 1991.
     To strengthen the      Initiatives' coherence and to     Increase the
     flexibility and efficiency of the Bank's operations, the Commission
     estimates that in future all EIB activities in the CEEC, so far
     decided on a broadly bilateral basis, should be incorporated in a
     single framework. This framework should also include the initiatives
     already approved In favour of Estonia, Latvia and Lithuania and those
     proposed for Albania. The proposed framework would be suitable as
     these countries share common characteristics and face similar problems
     as well as being In line with the usual EIB practice of making loans
     by geographical areas or by group of countries when operating outside
     the Community (e.g. Lomé, Mediterranean countries).
     This framework would Imply:
      I) a single ceiling of ECU 3000 million for the whole region, without
         specifying limits per country, set for an Indicative three-year
         per iod.
         The estimation of the proposed celling is based on the evolution
         of the EIB loans to the CEEC which at present stands at ECU 800-
         900 million a year, it includes the ceiling already agreed to for
          loans to Estonia, Latvia and Lithuania as well as the ceiling
         proposed for Albania and takes into consideration the "new,
         temporary   lending facility" within the EIB decided by the
         European Council in Edinburgh.
 ---pagebreak---                                       - 13 -
          II) that EIB loans should have the same          financial   conditions
              regardless of the country concerned.
         ill) that priorities continue       to be  the  areas   defined   in the
              Commun 11 y guI de I Ines:
              - the     rehabilitation     and   development    of    the    basic
                 Infrastructure, particularly those connected with Trans-
                 European networks;
              - areas such as energy, research, telecommunications, the
                envIronment;
              - support for the private sector, notably SMEs, and promotion
                of private Investment.
     It should be added further that the Commission has proposed the
     setting up of a Fund for an appropriate cover for loan guarantees
     within the framework of the budgetary procedures.           In this regard,
     the above arrangements will then be governed, unequivocally, by these
     budgetary guarantee rules.
     The Commission Intends to conduct, In close collaboration with the
     EIB, a detailed examination of all the arrangements governing the
     granting of Community budget guarantees supporting EIB loan operations
     to third countries as well as the outlook for the development of these
     operations over the coming years.
;.   CONCLUSIONS
 15. Accordingly, the Commission requests the Council:
     1.  to Invite the EIB to continue with its loan operations to projects
         In Poland, Hungary, the Czech and Slovak Republics, Romania,
         Bulgaria, Estonia, Latvia, Lithuania and Albania;
     2.  to decide that, subject to the approval of the EIB Board of
         Governors, EIB loans for a maximum sum of ECU 3,000 million for an
         indicative three-year period should be made available to these
         countries. These      loans will be covered by the Community's
         budgetary guarantee;
     3.  to Include In this maximum the ceilings already decided In favour
         of Estonia, Latvia and Lithuania, as well as the ceiling proposed
         for Albania;
     4.  to adopt the attached decision.
 ---pagebreak---                                     - 14 -
                                Proposal for a
                               COUNCIL DECISION
                        granting a Community guarantee
                       to the European Investment Bank
                          against losses under loans
                                 for projects
                  In Central and Eastern European countries
         (Poland, Hungary, the Czech Republic, the Slovak Republic,
         Romania, Bulgaria, Latvia, Estonia, Lithuania and Albania)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Economic Community,
and In particular Article 235 thereof,
Having regard to the proposal from the Commission,'1
Having regard to the opinion from the European Parliament,2
Whereas the peoples of Central and Eastern Europe have close ties and a
common destiny with the peoples of the Community; whereas these ties have
been strengthened by the trade and cooperation agreements signed for an
uniImlted perlod;
Whereas   these  countries    (Poland,   Hungary,    the Czech Republic, the
Slovak Republic, Romania, Bulgaria, Latvia, Estonia, Lithuania and Albania,
hereinafter referred to as "Central and Eastern European countries") are
undertaking major political and social reforms and have embarked on a
fundamental restructuring of their economies; whereas the Ministers of the
Group of 24 welcomed this at their meeting on 11 November 1991 and decided
to extend G-24 coordinated economic assistance to them;
Whereas these economic reforms will make a decisive contribution to the
rapid establishment of mutually beneficial economic and commercial links
between these countries and the Community;
Whereas, in particular, there Is a great need for capital investment in
these countries; whereas this        Investment   requires external   finance;
whereas the European Investment Bank (hereinafter referred to as "the
Bank") could make an important contribution;
1    OJ No C
2    OJ No C
 ---pagebreak---                                       1b -
Whereas the Bank is completing an Initial three-year loan programme for
Poland and Hungary3* and a two-year programme           for the Czech and
Slovak Republics, Bulgaria      and  Romania4*, with    encouraging   results
according to the Bank's report on this first phase-, whereas, under the
Europe Agreements signed on 16 December 1991, these programmes should be
renewed;
Whereas similar provisions have been approved     for the Baltic States and
proposed within the Council for Albania-,
Whereas the Edinburgh Council of 12 December 1992 called on the Council and
the Bank to create a new, temporary lending facility within the Bank to
finance Infrastructure projects, notably those relating to trans-European
networks; whereas these networks may Include projects involving Central
and Eastern European countries In so far as such projects present a common
 Interest;
Whereas, In future, the Bank's activities In all these countries must be
accorded uniform treatment within an overall framework;
Whereas the Council has called on the Bank, and the Bank has agreed, to
continue its operations in support of investment projects carried out In
those countries by offering it the guarantee provided for in this Decision-,
Whereas    this guarantee    Is subject    to the conditions set out       in
Regulation 5 * 0 J establishing   a Guarantee   Fund  for   the   Community's
external lending activities; whereas the Bank and the Commission will
adopt the procedures for granting the guarantee,
3)    Council Decision 90/62/EEC of 2 February 1990.
4)    Council Decision 91/252/EEC of 14 May 1991.
5)0J No
 ---pagebreak---                                    - 1É»-
HAS DECIDED AS FOLLOWS:
                                 Article 1
1.   Subject to an overall ceiling of ECU 3 000 mi I I ion, the Community
     shall guarantee in full vis-à-vis the European Investment Bank any
     payments not received by It but due under loans granted for a period
     of some three years in accordance with Its usual criteria to Central
     and Eastern European countries.
2.   The above guarantee ceiling shall include the provisions adopted in
     respect of Investment In Estonia, Latvia and Lithuania and proposed in
     respect of Investment in Albania.
                                 Article 2
The operations referred     to  In Article 1 shall be subject       to the
arrangements laid down In the Regulation establishing a Guarantee Fund for
the Community's external lending activities, and in particular the payment
procedures spelt out in Article 2.
                                 Article 3
The Commission shall Inform Parliament and the Council every six months of
the situation regarding the loans signed.     To that end, the Bank shall
regularly transmit to the Commission the appropriate information.
                                 Article 4
The Commission shall Inform 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.
                                 Article 5
The Bank and the Commission shall fix the terms on which the guarantee is
to be given.
Done at Brussels,
              For the CounclI
              The President
 ---pagebreak---                                        - 1* -
FINANCIAL STATEMENT
1.   Budoet heading concerned
     Article B0-212 and Article B0-... of the reserve to be set up:
     Guarantee of the European Economic Community            to the European
     Investment Bank for        loans    In third countries    In Central   and
     Eastern Europe.
2.   Legal basis
     To be provided by the proposed decision, on the basis of Article 235
     of the Treaty.
3.   Classification of expenditure
     Compulsory.
4.   Description of. and Justification for, the operation
     The budget entry Is intended to provide budgetary back-up for
     guarantees    offered   by    the    European Community to    the European
      Investment Bank to cover loans which the Bank has been asked to extend
     to finance projects In Central and Eastern European countries.
5.   Nature of the expenditure and method of calculation
     (a) Nature of the expenditure
          A guarantee to the European Investment Bank.
     (b) Method of calculation
          A token entry Is proposed, given that the amount and timing of any
          call on this budget heading cannot be calculated in advance and,
          furthermore, It is to be hoped that this entry will not be called
          on.
6.   Financial   Impact on appropriations for operations
     Only in case of a call on the guarantee.
7.   Financing of expenditure for operations
          If need be, the article will be endowed with funds via transfers,
          via re-ut11IzatIon of amounts repaid (under Article 27(3) of the
          Financial Regulation) or via a supplementary and/or amending
          budget.
          In order to meet its obligations, the Commission may undertake
          debt service provisionally by drawing on its liquid assets.        In
          this case, Article 12 of Council Regulation            (EEC, Euratom)
          No 1552/89 of 29 May 1989 Is applicable.
8.   Financial   Impact on staff cost and operations
     Not applI cab le.
 ---pagebreak---                                      «
 9.  Forecast of thé schedule of loans to be signed whfle 11» decision is in force 0 )
             2JB8£                                  Am°ynt fop? E C > I )
              1993                                             —
              1994                                           765
              1995                                           965
              1996                                          1270
                                     TOTAL                 3000
(1) Forecast is subject to revision according to the date of the decision's approval,
    (Woildng hypothesis, September, 1993)
 ---pagebreak---                                                   it -               ISSN 0254-1475
                                                              COM(93)212final
                                                       DOCUMENTS
EN                                                                              11
                                 Catalogue number : CB-CO-93-243-EN-C
                                                             ISBN 92-77-55836-9
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