CELEX: 11957E/PRO/BEI/18
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 18

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11957E/PRO/BEI/18

TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 18  

++++Article 18  1 . Within the framework of the task set out in Article 130 of this Treaty , the Bank shall grant loans to its members or to private or public undertakings for investment projects to be carried out in the European territories of Member States , to the extent that funds are not available from other sources on reasonable terms .  However , by way of derogation authorised by the Board of Governors , acting unanimously on a proposal from the Board of Directors , the Bank may grant loans for investment projects to be carried out , in whole or in part , outside the European territories of Member States .  2 . As far as possible , loans shall be granted only on condition that other sources of finance are also used .  3 . When granting a loan to an undertaking or to a body other than a Member State , the Bank shall make the loan conditional either on a guarantee from the Member State in whose territory the project will be carried out or on other adequate guarantees .  4 . The Bank may guarantee loans contracted by public or private undertakings or other bodies for the purpose of carrying out projects provided for in Article 130 of this Treaty .  5 . The aggregate amount outstanding at any time of loans and guarantees granted by the Bank shall not exceed 250 % of its subscribed capital .  6 . The Bank shall protect itself against exchange risks by including in contracts for loans and guarantees such clauses as it considers appropriate .