93/166/EEC: Council Decision of 15 March 1993 granting a Community guarantee to the European Investment Bank against losses under loans for investment projects carried out in Estonia, Latvia and Lithuania

COUNCIL DECISION of 15 March 1993 granting a Community guarantee to the  European Investment Bank against losses under loans for investment projects carried out in Estonia,  Latvia and Lithuania
(93/166/EEC)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 of the European Parliament  (2),
Whereas the peoples of Estonia, Latvia and Lithuania (hereinafter referred to as 'the three  countries`) have close historic relationships with the peoples of the Community; whereas these  relations have been strengthened by the recent trade and cooperation agreements; whereas these  three countries are undertaking major political and social reforms;
Whereas the three countries have also embarked upon a fundamental economic reform; whereas the  ministers of the Group of 24 welcomed this at their meeting of 11 November 1991 and decided to  extend G-24 coordinated economic assistance to the three countries;
Whereas these economic reforms will significantly contribute to a rapid development of mutually  beneficial economic and commercial relationships between the three countries and the Community;
Whereas there is a great need for capital investment in the three countries; whereas this necessary  capital investment requires external finance; whereas the Community has agreed to set up  cooperation with a view to aiding the three countries; whereas the European Investment Bank could  make an important contribution thereto;
Whereas the Council has invited the Bank to make loans for capital investment projects carried out  in the three countries offering it the guarantee provided in this Decision;
Whereas the Bank and the Commission should fix the terms on which this guarantee is to be granted;
Whereas a Guarantee Fund will be established as soon as possible in order to provide appropriate  budgetary treatment of the guarantees for Community loans granted to third countries, in accordance  with the conclusions of the European Council on 11 and 12 December 1992,