25.10. 78 Official Journal of the European Communities No L 298/9 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 16 October 1978 empowering the Commission to contract loans for the purpose of promoting investment within the Community (78/870/EEC) 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 Parlia- ment (1), Having regard to the opinion of the Economic and Social Committee (2), Whereas economic activity, employment and invest- ment in the Community are unevenly distributed and are all.too low; Whereas, in order to stimulate an economic upturn and support common policies, a new financial mechanism designed to make an additional contribu- tion to investment promotion in the Community should be added to existing Community mechanisms alongside existing Community financial institutions and bodies whose scope should be widened ; Whereas Community action to this end would have a real follow-through effect and financial impact far beyond its apparent size ; Whereas such Community action should aim to realize investment projects which contribute to greater convergence and integration of the economic policies of the Member States and are in line with priority Community objectives ; (1) OJ No C 108, 8. 5. 1978, p. 32. (?) Opinion delivered on 26 and 27 April 1978 (not yet published in the Official Journal). Whereas plentiful finance can be found on the capital markets which could be tapped to finance investment within the Community ; Whereas the Community has a creditworthiness in its own right which must be used to best advantage to reinforce European support for the said investments and to support policies decided on at Community level ; Whereas borrowings equivalent to 1 000 million EUA in principal seem appropriate in the present circum- stances for helping to achieve the desired result; Whereas this new financial mechanism should be introduced on an experimental basis ; Whereas the European Investment Bank has stated that it is willing to contribute to the implementation of this Decision, HAS DECIDED AS FOLLOWS: Article 1 The Commission shall be empowered to contract loans on behalf of the European Economic Commu- nity which shall not exceed the equivalent of 1000 million EUA in principal. The proceeds of these loans shall be lent to finance investment projects which contribute to greater conver- gence and integration of the economic policies of the Member States. These projects must help attain the priority Community objectives in the energy, industry