Article 1 
The Community shall provide an interest rate subsidy, chargeable to the budget of the European Communities, of 3 percentage points per annum for a maximum period of twelve years, on some loans granted by the European Investment Bank (EIB) out of its own resources and in accordance with its usual criteria for the financing of investment in the regions devastated by the cyclone that hit Madeira in October 1993. The total amount of subsidized loans may not exceed the equivalent of ECU 15,85 million in principal. These loans shall be directed to projects carried out between 1993 and 1997, for the reconstruction and reorganization of stricken areas (infrastructure works and secondarily housing). The loans will be approved by the EIB, on the basis of projects put forward by the Portuguese authorities. Article 2 The detailed arrangements for implementing this Decision shall be laid down in a cooperation agreement between the Commission and the EIB. In particular, this agreement should set out the detailed rules for the payment of the interest rate subsidies. Article 3 The Commission will present to the European Parliament and the Council - in close cooperation with the EIB and before 31 December 1998 - a report evaluating the implementation of this Decision, and in particular on the additional effects produced by the interest subsidies. Article 4 This Decision shall take effect on the date of its adoption. Done at Luxembourg, 29 June 1995. For the Council The President J. BARROT
Article 2 
The detailed arrangements for implementing this Decision shall be laid down in a cooperation agreement between the Commission and the EIB. In particular, this agreement should set out the detailed rules for the payment of the interest rate subsidies. Article 3 The Commission will present to the European Parliament and the Council - in close cooperation with the EIB and before 31 December 1998 - a report evaluating the implementation of this Decision, and in particular on the additional effects produced by the interest subsidies. Article 4 This Decision shall take effect on the date of its adoption. Done at Luxembourg, 29 June 1995. For the Council The President J. BARROT
Article 3 
The Commission will present to the European Parliament and the Council - in close cooperation with the EIB and before 31 December 1998 - a report evaluating the implementation of this Decision, and in particular on the additional effects produced by the interest subsidies. Article 4 This Decision shall take effect on the date of its adoption. Done at Luxembourg, 29 June 1995. For the Council The President J. BARROT
Article 4 
This Decision shall take effect on the date of its adoption. Done at Luxembourg, 29 June 1995. For the Council The President J. BARROT