Basic HTML Version
186
ΕΠΙΣΗΜΗ ΕΦΗΜΕΡΙΔΑ ΤΗΣ 3ης ΦΕΒΡΟΥΑΡΙΟΥ
1984
ARllCLE
1
Within the framework
οί
thc financial and
tcchnical co-operation provided for in the Asso–
ciation Agreement concluded between the
European Economic Comnlunity and the Re–
public
οί
Cyprus, the Community shall participate,
οη
the terms set
ουΙ
in this Protocol,
ίη
the
financing
οί
measures intended to contribute
Ισ
the economic and social
deνelopment οί
Cyprus.
ARTICLE
2
1.
For the purposcs
speciΠed ίη
Art,icle 1 and
for a period expiring
οη
31
December
1988,
an
aggregate amount
οί
44 million ECU may
be
committed as follows .
(a)
28
million ECU
ίη
the
ίοrm οί
loans
from the European Investment Bank,
hereinafter referred
Ιο
as the "Banl( " ,
made from its
οννη
resources ;
(b) 16 million ECU from the Community'
s
budgetary resources, composed
οί:
- 6
million ECU inthe form
οί
loan
s
ση
special terms,
- 1
Ο
mil1ion
ECU
ίn
the form
οί
grants.
Provision may be made for contribntions
to
rίsk
capital formation, to be charged against thc
amount shown inthe first indent
οί
(b); these
may take the form inter alia
οί
subordinated
10ans, conditionalloans or acquisitions
οί
holdings.
2.
The loans referred
ιο
in paragraph l(a)–
with the exception
οί
those intended for financing
the
οίl
sector - shall be combIined with interest
rate subsidies
οί
20/0
financed by means
οί
the
funds shown
ίn
the second indent
οί
paragraph
1 (b).
ARTICLE
3
1.
The total amount fixed
ίn
Article
2
shall be
used for the financing or part-financing
οί:
- capital projeots
ίn
the fields
οί
production
and eoonomic infrastructure, aimed inparti–
cular at diversifying the economic s·tructure
of Cyprus and especially at promoting its
industriaIization and modemizing i1:s agricul–
ture,
- technical co-operation schemes that are a
preliminary or a complement to capital
projects drawn
υρ
by the Cypriot govern–
ment,
- technical co-operation
ίn
the field
οί
training.
2.
The Community's financiaI contributions
shaIl be used
ιο coνer
internaJ and external costs
necessarily incurred
ίη
carrying ou·t approved
projects or schemes (including costs in respect
οί
studies, consulting engineers and technical
as~
sistance) . They may not be used to cover current
admin istrative, maintenancc or operational
expenditure.
ARTICLE 4
Ι.
Capital projects shall be e1igible for financing
either by loans from the Bank, combined
witit
interest rate subsidies
οη
the terms set out
ϊη
Article
2,
or by loans
οη
stJecial terms, or by
grants, or by a combination
οί
these three means.
2 .
Technical and economic co-operation
shaίl
noΓInaJJy
be financed by grants.
ARTICLE
5
) . The amounts to be committed each year
shall
be
dίstήbuted
as evenly as possible through–
out the period
οί
application
οί
this ProtocoJ.
2.
Any funds not committed at the end
οί
thc
period referred
Ιο ίη
Article
2(1)
shall be used.
υηιίl
exhausted.
Ιη
that case, the funds shall be
used in accordance with the same arrangements
as those
laίd
down
i
η
this ProtocoJ.
ARTICLE 6
1. Loans granted by the Bank from its
OWll
resources shalJ be made
iη
accordance with the
arrangements, conditions and procedures laid
down inits Statute. They .shall, as regards theIr
duration, be subject to terms established
οη
the
basis
οί
the eoonomic and financial characteristics
οί
the projects for which thesc loans are intended,
also
Ιakίηg ίηΙο
acoount the
condiιtions obtaiηiηg
οη
the capital markets
οη
which
ιhe
Bank pro–
cures its resources. The interest rate shall be
determined
ίη
accordance with the Bank's practice
a:t
the time
οί
signature
οί
each loan contract.
subject
Ιο
the interest rate su·bsidy referred to
ίη
Article
2(2).
2. Loans
οη
special terms shall be granted fo!"
40 years with 10 years' postponem·ent
σί
amorti–
zation and
a:t
an interest rate
οί
1
%
per annum.
The terms and
arrangemenιts
for
contributioηs
to risk capital form'ation shal1 be determined
οη
a case-by-case basis.
3.
The loans may be granted through the inter·
mediary
οί
It'h'e State or appropriate Cypriot
bodies,
οη
condition
thaιt
they onlend the amOUilt5
tothe recipients
ση
terms decided, by
agreemeηt
with the Community,
οη
the basis of the econo–
mic and financial charaoteristi,cs
οί
the projects
for which Ithey are intended.
ARTICLE 7
Aid contributed by the Community for
th~
eχecu.ιίοn οί cerΙaίn
projects may, with the agree–
ment of Cyprus,take the form
οί
co-financing
ίn
which,
ίn
part'icular, credit and
deνelopmeηt
bodies and institutions
οί
Cyprns,
οί
Member
States or
οί
third States or interna:tional finance
organιi~ation s
would take part.
ARTI:CLE 8
The following shall be eligible for financial
and technical co-operartion:
(a)
ίη
general :
- the 8tate
οί
Cyprus ;
(b) with the agr,eement of the 8t'ate
οί
ICyprus, for projects or measures approved
byit:
- 'Cypriot official
developmenιt
agencies,
-
priνate
agencies working in Cypru5
for economic and social deV'elopment,
-- undertakings carrying
ση
their
actiνi
ties
ίη
accordance with industrial and
busin·ess management met'hods
aηd
set up as legal persons within the
meaning
οί
Article
12,
- groups of producers who
arιe
nationals
οί
Cyprus, and exceptionally, where
ηο
such groups cxist, the producers
themselνes,
- schol'arship holders and trainees sent
by Cyprus under the training schemes
re·ferred to
ίn
Article
3.
ARTIιCLE
9
1.
υροη
the entry into force of this Protocol,
the Community and Cyprus shaH esItablish by
mutual agreement the specific objeotiV'es
οί
finan·
cial and technical oo-oper:ation, by reference
to
the priorities set by Cyprus' s d·evelopment plan.
These objectives may be reviewed by mutual
agreement to take account of changes
ίn
Cyprus's
economic situation or
ίη
the objectives and
ΡΓίο
rities set by its deveIopment plan.
2.
Wi·thin the framework established pursuant
Ιο
paragraph 1. financial and technical co-opera–
tion shall apply to projects and schemes drawn
up by the State
οί
Cyprus or by other beneficia–
ries approved by that country.
ARTIICLE
10
1. The State
οί
Cyprus or, with the agreement
of its Govemment, the other possible beneficia–
ries referred to
ίη
Article
8,
shall present their
requests for financial aid
Ιο
the
Comιnunity.