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Council Decision of 22 December 2004 granting a Community guarantee to the European Investment Bank against losses under loans for certain types of projects in Russia, Ukraine, Moldova and Belarus (2005/48/EC)
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Article 3Ceiling and conditions
1.The overall ceiling of the credits opened shall be EUR 500 million.
2.The EIB shall benefit from an exceptional Community guarantee of 100 %, which shall cover the total amount of the credits opened under this Decision and all related sums.
3.Projects financed by loans to be covered by the guarantee shall satisfy the following criteria:
(a)eligibility in accordance with Article 2;
(b)cooperation, and where appropriate co-financing, by the EIB with other international financial institutions in order to ensure reasonable risk-sharing and appropriate project conditionality.
The EIB shall share the work appropriately with the EBRD, according to mutually agreed modalities, and shall report accordingly in accordance with Article 5. In particular, the EIB shall take advantage of the experience of the EBRD in Russia and the WNIS.
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