Article 1
The Commission shall be empowered to contract loans on behalf of the European Economic Community which shall not exceed the equivalent of 1 000 million ECU in principal. The proceeds of these loans shall be lent to finance investment projects which contribute to greater convergence and integration of the economic policies of the Member States. These projects shall be such that they serve the Community's priority objectives in the energy, industry and infrastructure sectors, taking account inter alia of the regional impact of the projects and the need to combat unemployment. This mechanism may be used on its own or in conjunction with other Community financing instruments.