council decis march empow commiss borrow commun instrument purpos promot invest commun eec council european commun regard treati establish european econom commun articl thereof regard propos commiss regard opinion european parliament regard opinion econom social committe commun invest financ facil continu oper view correct structur shortcom product system increas pace econom growth slow disturb trend unemploy loan applic approv commiss account third borrow author council decis eec framework decis action commun instrument defin decis eec concentr favour small medium size enterpris action achiev commun object reduct region dispar vital order strengthen commun technolog base industri competit encourag innov capac commerci dynam undertak invest small medium size undertak involv applic technolog innov featur rais special financ problem special financ arrang provid deal problem extend financ base encourag suppli equiti fund financi intermediari commun instrument make contribut implement integr mediterranean programm commiss empow borrow amount enabl grant loan million ecu princip european invest bank hereinaft refer bank state contribut implement measur respons manag cash hold carri lend oper understood discharg audit procedur exclus provid bank statut respect oper decid articl commiss empow borrow behalf european econom commun commun instrument amount enabl grant loan equival million ecu princip articl proce borrow refer articl lent financ invest project contribut industri adjust competit commun mean applic technolog innov project carri commun territori serv commun prioriti object relat financ invest small medium size undertak industri product sector take account inter alia region impact combat unemploy articl commiss decid project elig accord prioriti guidelin invest project small medium size enteerpris industri product sector view applic technolog innov improv ration energi elig project small enterpris prioriti project implement compli provis treati secondari legisl provis relat competit rule requir relev commun polici articl loan gener grant agenc financi intermediari limit case made directli recipi procedur grant loan capit interest payment defer loan financ intang asset patent licenc research develop expenditur directli link invest concern grant agenc financi intermediari intermediari agreement bank pass loan undertak form loan form equiti capit case intermediari respons servic loan risk articl connect borrow lend transact express monetari unit lend term reimburs princip rate payment interest appli bank accord statut respect loan resourc fix cover cost expens incur conclud perform borrow lend side transact articl term borrow negoti commiss interest commun regard condit capit market accord constraint impos durat financi aspect loan grant borrow fund entrust bank manag manner agre commiss term cooper agreement refer articl borrow express payabl reimburs currenc member state conclud agreement compet author state articl mandat bank grant administ loan pursuanc decis end cooper agreement drawn bank commiss bank carri transact mandat behalf risk commun commiss decid accord articl project elig commiss favour decis bank decid term grant loan accord usual criteria procedur laid statut loan procedur provid decis loan applic transmit simultan commiss bank directli member state commiss bank sign loan contract bank inform commiss alloc loan articl commiss inform european parliament council rate util borrow end bank forward commiss data requir european parliament council fulli inform articl commiss annual inform european parliament council receipt expens result borrow lend transact present time assess function commun instrument respect articl financi control audit commiss account carri accord financi regul applic gener budget european commun lend transact manag cash hold cover discharg audit procedur provid bank statut respect oper exclus procedur brussel march council presid eysken oj oj oj oj