CELEX: 51992PC0598
Language: en
Date: 1992-12-23
Title: COMMUNICATION FROM THE COMMISSION TO THE COUNCIL and a Proposal for a COUNCIL DECISION granting a Community guarantee to the European investment Bank against losses under loans for projects in Albania

18 . 2 . 93                         Official Journal of the European Communities                            No C 46 / 15
             Proposal for a Council Decision granting a Community guarantee to the European Investment
                                Bank against losses under loans for projects in Albania
                                                     (93/C 46/ 19)
                                                   COM(92) 598 final
                                 (Submitted by the Commission on 15 December 1992)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,                      requires external finance ; whereas the Community has
                                                              decided to cooperate with a view to assisting Albania,
Having regard to the Treaty establishing the European         and the European Investment Bank (hereinafter referred
Economic Community, and in particular Article 235             to as 'the Bank') could make an important contribution ;
thereof,
                                                              Whereas the Council has called on the Bank, and the
Having regard to the proposal from the Commission,            Bank has agreed, to make loans for investment projects
Having regard to the opinion of the European                  to be carried out in Albania under cover of the guarantee
Parliament,
                                                              provided for in this Decision ;
                                                              Whereas the Bank and the Commission should fix the
Whereas the peoples of Albania have close historical ties
with the peoples of the Community; whereas these ties         terms on which this guarantee is to be given ;
have been strengthened by the trade and cooperation           Whereas the Treaty does not, for the purpose of the
agreements signed recently; whereas this country is           adoption of this Decision, provide any special powers
undertaking major political and social reforms and has        other than those contained in Article 235 of the EEC
embarked on a fundamental restructuring of its                Treaty,
economy ;
                                                              HAS DECIDED AS FOLLOWS :
Whereas, in addition, the Ministers of the Group of 24
welcomed this, and decided at the meeting in Tirana on
22 and 23 July 1992 to extend G-24 coordinated                                        Sole Article
economic assistance to this country, and whereas this
action was considered urgent ;                                The Community shall guarantee in full vis-a-vis the
                                                              European Investment Bank, subject to an overall ceiling
Whereas these economic reforms will make a decisive           of ECU 50 million in respect of loan contracts concluded
contribution to the rapid establishment of mutually           during a three-year period, any due payments not
beneficial  economic   and   commercial   links  between      received by the Bank under loans granted to Albania in
Albania and the Community ;                                   accordance with its usual criteria .
Whereas there is a great need for infrastructure              The Bank and the Commission shall fix the terms on
investment in that country and that such investment           which the guarantee is to be given.