79/486/EEC: Council Decision of 14 May 1979 applying Decision 78/870/EEC empowering the Commission to contract loans for the purpose of promoting investment within the Community

• CELEX: Decision 78/870/EEC
• Articles: 3

Article 1

A first tranche of borrowings shall be authorized for an amount not exceeding the equivalent of a capital sum of 500 million European units of account. (1)OJ No L 298, 25.10.1978, p. 9. (2)OJ No C 88, 4.4.1979, p. 3. (3)OJ No C 127, 21.5.1979, p. 32.

Article 2

The product of these borrowings shall be used for loans to finance investment projects which are realized on Community territory and which are consistent with priority Community objectives in the infrastructure and energy sectors.

For the purposes of this first tranche, infrastructure investment shall cover in particular transport, telecommunications, agricultural improvements, water supply works and environmental protection. Energy investment shall contribute to greater independence, security and diversification of Community energy supplies ; investment shall ensure the development, exploitation, transportation and storage of energy resources ; particular attention shall be paid to energy saving and to the development of alternative energy sources.

Article 3

The Commission shall decide whether or not projects are eligible in accordance with the following guidelines: - the investment shall be consistent with the Community rules applicable in the relevant sectors,

- the investment shall contribute to resolving the Community's main structural problems and, in particular, to reducing the regional imbalances in the Community and to improving the employment situation.

Done at Brussels, 14 May 1979.

For the Council

The President

R. MONORY