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Agreement on the European Economic Area
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PROTOCOL 38
on the Financial Mechanism
Article 1U.K.
1.The Financial Mechanism shall provide financial assistance to the development and structural adjustment of the regions referred to in Article 4, on the one hand, in the form of interest rebates on loans and, on the other hand, in the form of direct grants.
2.The Financial Mechanism shall be financed by the EFTA States. The latter shall extend a mandate to the European Investment Bank, which shall execute this mandate according to the following Articles. The EFTA States shall establish a Financial Mechanism Committee which shall take the decisions required by Articles 2 and 3 as far as interest rebates and grants are concerned.
Article 2U.K.
1.The interest rebates provided for in Article 1 shall be available in connection with loans granted by the European Investment Bank and denominated, as far as possible, in ECUs.
2.The interest rebate on such loans shall be fixed at [F1two] percentage points, per annum, by reference to European Investment Bank interest rates and shall be available for 10 years in respect of any one loan.
3.There shall be a period of grace of two years before repayment, in equal tranches, of capital commences.
4.The interest rebates shall be subject to approval by the EFTA Financial Mechanism Committee and to the opinion of the EC Commission.
[F15. The total volume of loans, which shall be eligible for the interest rebates provided for in Article 1 shall be ECU 1 500 million, to be committed in equal tranches over a period of five years from 1 July 1993 . Should the EEA Agreement enter into force after that date, the period shall be five years from the entry into force.]
Textual Amendments
F1 Substituted by Protocol adjusting the Agreement on the European Economic Area.
Article 3U.K.
[F11. The total amount of grants provided for in Article 1 shall be ECU 500 million, to be committed in equal tranches over a period of five years from 1 July 1993 . Should the EEA Agreement enter into force after that date, the period shall be five years from the entry into force.]
2.These grants shall be disbursed by the European Investment Bank on the basis of the proposals from the beneficiary EC Member States and after seeking the opinion of the EC Commission and having the approval of the EFTA Financial Mechanism Committee, which shall be informed throughout the process.
Textual Amendments
F1 Substituted by Protocol adjusting the Agreement on the European Economic Area.
Article 4U.K.
1.The financial assistance provided for in Article 1 shall be limited to projects carried out by public authorities and public or private undertakings in Greece, the island of Ireland, Portugal and in those regions of Spain listed in the Appendix. The share of each region in the overall level of financial assistance shall be determined by the Community, which shall inform the EFTA States.
2.Priority shall be given to projects which place particular emphasis on the environment (including urban development), on transport (including transport infrastructure) or on education and training. Among projects submitted by private undertakings, special consideration shall be given to small and medium-sized enterprises.
3.The maximum grant element for any project supported by the Financial Mechanism shall be fixed at a level which is not inconsistent with EC policies in this regard.
Article 5U.K.
The EFTA States shall make such arrangements with the European Investment Bank and the EC Commission as may be mutually deemed appropriate to ensure the good functioning of the Financial Mechanism. The costs related to the administration of the Financial Mechanism shall be decided in this context.
Article 6U.K.
The European Investment Bank shall be entitled to attend, as an observer, meetings of the EEA Joint Committee when matters in relation to the Financial Mechanism which concern the European Investment Bank are on the agenda.
Article 7U.K.
Further provisions for the implementation of the Financial Mechanism may be decided upon by the EEA Joint Committee as necessary.
Appendix to Protocol 38U.K.List of eligible Spanish regions
Andalucía
Asturias
Castilla y León
Castilla-La Mancha
Ceuta-Melilla
Valencia
Extremadura
Galicia
Islas Canarias
Murcia
Textual Amendments
F1 Substituted by Protocol adjusting the Agreement on the European Economic Area.
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