1.7.92 Official Journal of the European Communities No L 181/5 COUNCIL REGULATION (EEC) 1763/92 of 29 June 1992 concerning financial cooperation in respect of all Mediterranean non-member countries THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 235 thereof, Having regard to the proposal from the Commission (*), Having regard to the opinion of the European Parliament (%), Whereas, with a view to establishing a new Mediter- ranean policy, at its meeting held on 18 and 19 December 1990 the Council adopted a resolution concerning financial cooperation in respect of all Mediterranean non-member countries; Whereas in that resolution it was agreed, inter alia, that the measures implemented pursuant to the financial protocols concluded with the Mediterranean non- member countries should be supplemented by other types of measure, namely those the scope of which extends beyond the context of a single country and those which concern the environment; Whereas there should be a programme lasting five years (1992 to 1996); Whereas an amount of ECU 230 million is deemed necessary, in terms of financial resources from the budget, for implementing this multiannual programme, including ECU 25 million for risk capital; whereas for 1992, under the current financial perspective, the amount deemed necessary is ECU 46 million; Whereas the amounts to be committed for financing the programme for the period subsequent to 1992 will have to form part of the Community financial framework in force; Whereas the Council has decided that the part of the loans granted by the European Investment Bank, here- inafter referred to as ‘the Bank’, from its own resources under conditions laid down by it, in accordance with its Statute, in respect of environmental projects will receive an interest-rate subsidy and whereas an amount should therefore be set aside from budgetary resources for that purpose; (") OJ No C 68, 16. 3. 1991, p. 11 and O] No C 48, 22. 2. 1992, p. 16. () OJ No C 39, 17. 2. 1992. Whereas it is necessary to lay down the detailed arrangements and the rules governing cooperation relating to measures financed from budgetary resources; Whereas in loan operations involving ' interest-rate subsidies, the granting of a loan by the Bank from its own resources and the granting of an interest-rate subsidy financed by the budgetary resources of the Community must be linked and are conditional upon each other; whereas the Bank may, in accordance with its Statute, and in particular by a unanimous decision of its Board of Directors in the presence of an unfavourable opinion by the Commission, decide to grant a loan from its own resources, subject to granting of the interest-rate subsidy; whereas, on account of this aspect, it is necessary to ensure that the procedure adopted for granting interst-rate subsidies results in every case in an express decision, whether to grant the subsidy or to refuse it, where appropriate; ‘ Whereas it is necessary to make provision for a Committee consisting of representatives of the Member States to assist the Bank in the tasks attributed to it to implement this Regulation; : Whereas, for the purposes of adoption of this Regu- lation, the only powers provided for by the Treaty are those under Article 235, HAS ADOPTED THIS REGULATION: Article 1 1. In order to give effect to the new Mediterranean policy, the Community shall implement measures . intended to supplement those financed pursuant to the financial protocols concluded with the Mediterranean non-member countries. 2,  Paragraph 1 shall apply to all Mediterranean non-member countries with which the Community has concluded association or cooperation agreements. 3. In order to focus more clearly on the regional character of such cooperation, which should not be disproportionately advantageous. to any one country in particular, the Community shall endeavour to strike a balance in its intervention measures between the various regions and countries concerned. With this in mind, the Commission and the Bank shall conduct annual assessment of the financing involved and of its regional apportionment. Article 2 1. The programme shall be of five years’ duration (1992 to 1996).