Council Regulation (EC) No 2824/98 of 21 December 1998 amending Regulation (EC) No 1734/94 on financial and technical cooperation with the Occupied Territories

COUNCIL REGULATION (EC) No 2824/98 of 21 December 1998 amending Regulation (EC) No 1734/94 on financial and technical cooperation with the Occupied Territories
THE COUNCIL OF THE EUROPEAN UNION
,
Having regard to the Treaty establishing the European Community, and in particular Article 130w thereof,
Having regard to the proposal from the Commission,
Acting in accordance with the procedure referred to in Article 189c of the Treaty (1),
Whereas Council Regulation (EC) No 1734/94 of 11 July 1994 on financial and technical cooperation with the Occupied Territories (2) recognises that the setting up and improvement of institutions necessary for the working of the public administration are crucial to the development process in the West Bank and Gaza Strip;
Whereas temporary support is necessary for the recurrent cost of the Palestinian public sector;
Whereas Article 3 of Regulation (EC) No 1734/94 extends the possibility of the combination of Community measures in the West Bank and Gaza Strip with Bank financing from own resources;
Whereas it is considered desirable that the possibility of interest rate subsidy be extended to projects in the West Bank and Gaza Strip in the priority areas laid down in Article 2(1) of that Regulation;
Whereas it is necessary to amend Regulation (EC) No 1734/94 in order explicitly to allow for such measures, in particular those regarding recurrent costs of the Palestinian public sector as well as the interest rate subsidies,