Regulation (EC) No 772/2001 of the European Parliament and of the Council of 4 April 2001 regarding the closure and liquidation of projects adopted by the Commission under Council Regulation (EC) No 213/96 on the implementation of the European Communities investment partners financial instrument for the countries of Latin America, Asia, the Mediterranean region and South Africa (Text with EEA relevance)

Regulation (EC) No 772/2001 of the European Parliament and of the Council
of 4 April 2001
regarding the closure and liquidation of projects adopted by the Commission under Council Regulation (EC) No 213/96 on the implementation of the European Communities investment partners financial instrument for the countries of Latin America, Asia, the Mediterranean region and South Africa
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION
,
Having regard to the Treaty establishing the European Community, and in particular Article 179(1) thereof,
Having regard to the proposal from the Commission(1),
Acting in accordance with the procedure laid down in Article 251 of the Treaty(2),
Whereas:
(1) Council Regulation (EC) No 213/96 of 29 January 1996 on the implementation of the European Communities investment partners financial instrument for the countries of Latin America, Asia, the Mediterranean region and South Africa(3) expired on 31 December 1999.
(2) Using Regulation (EC) No 213/96 as a basis, the Commission has approved the financing of a number of projects which have not yet been fully completed and which may require further sums to be committed so that they can be closed.
(3) The many investment instruments managed by the Commission (AL-Invest, ASIA-Invest, MED-Invest, JOP, JEV and Proinvest) lack a centralised, coordinated and coherent organisational structure.
(4) This transitional measure should serve not only to ensure compliance with the commitments entered into by the Commission up to 31 December 1999, but also to lay the foundations for a future, integrated programme for the promotion of investment in all developing countries.
(5) The Commission should be empowered to take the steps necessary to allow the existing project portfolio to be liquidated,