93/115/EEC: Council Decision of 15 February 1993 granting a Community guarantee to the European Investment Bank against losses under loans for projects of mutual interest in certain third countries

The Community shall fully guarantee the European Investment Bank in cases where the Bank does not receive the payments due under any loan granted in accordance with its usual criteria to those third countries with which the Community has concluded cooperation agreements. An overall limit of ECU 250 million per year, shall be set for a three-year period. This limit shall be reviewed at the end of that period. To this end the EIB and the Commission shall agree on the procedures for implementing the guarantee.

Every six months the Commission shall inform the European Parliament and the Council as to the rhythm of take-up of loans under the guarantee. To this end, the Bank shall forward to the Commission all necessary details for the complete information of the European Parliament and the Council. Once a year, the Commission shall forward to the European Parliament and the Council a report which will include an evaluation of the implementation of this Decision.