Brussels, 19/01/2009 (Agence Europe) - The European Commission, last week, put a draft decision to the European Parliament and Council with a view to renewing the Community guarantee to the European Investment Bank (EIB) in the event of losses from loans or loan guarantees for projects carried out in non-EU countries. The recommended guarantee is capped at €27,800 million for operations signed during the period from 2007-2013.
The proposed Community guarantee is restricted to 65% of the aggregate amount of credits disbursed and guarantees provided under EIB Financing Operations, less amounts reimbursed, plus all related sums. The maximum ceiling for EIB Financing Operations throughout the period from 2007 to 2013, less amounts cancelled, is not to exceed €27,800 million. This ceiling is to be broken down into two parts: (a) a basic ceiling of a fixed maximum amount of €25,800 million, including a regional distribution; and (b) an optional mandate of €2,000 million. The activation, in whole or in part, of this optional amount and its regional distribution will be decided by the European Parliament and the Council. The decision will be based on the outcome of the mid-term review to be carried out in 2010.
The basic ceiling proposed by the Commission will be broken down into binding regional ceilings: (a) pre-accession countries: €8,700 million; (b) Neighbourhood and Partnership countries: €12,400 million, broken down into the following indicative sub-ceilings: (i) Mediterranean: €8,700 million; (ii) Eastern Europe, Southern Caucasus and Russia: €3,700 million; (c) Asia and Latin America: €2,800 million, broken down into the following indicative sub-ceilings: (i) Latin America: €2,800 million; (ii) Asia (including Central Asia): €1,000 million; (d) Republic of South Africa: €900 million. The Commission proposes that, within the regional ceilings, the governing bodies of the EIB may decide to reallocate an amount of up to 10% of the regional ceiling between the sub-ceilings. The text of the proposal is available at http: //eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM: 2008: 0910: FIN: EN: PDF (O.L./transl.rt)