9.11.2001 Official Journal of the European Communities L 292/41 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 6 November 2001 granting a Community guarantee to the European Investment Bank against losses under a special lending action for selected environmental projects in the Baltic Sea basin of Russia under the Northern Dimension (2001/777[EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 308 thereof, Having regard to the proposal from the Commission ('), Having regard to the Opinion of the European Parliament (%), Whereas: 1) The Northern Dimension was launched by the Helsinki Council of 10-11 December 1999, which invited the Commission to put forward an Action Plan for the Northern Dimension. The Feira European Council in June 2000 adopted the Action Plan in the external and cross-border policies of the EU during 2000-2003. The Northern Dimension covers the geographical area from Iceland to the west across to North West Russia, from the Norwegian Barents and Kara Seas in the North to the Southern coast of the Baltic Sea. The Northern Dimension aims at addressing the special regional development challenges in northern Europe. These include harsh climatic conditions, long distances, particularly wide disparities in living standards, environ- mental challenges including problems with nuclear waste and waste water management, as well as insuffi- cient transport and cross border facilities. It aims to intensify cross border cooperation between the Euro- pean Union and its neighbouring countries and regions in northern Europe. () O] C 240 E, 28.8.2001, p. 295. (3 Opinion delivered on 24 October 2001 (not yet published in the Official Journal). () The Community already supports some environmental projects in Northwest Russia with grants from TACIS, which, inter alia, pays attention to the need to reduce environmental risks and pollution, including transboun- dary pollution. It is justified for the Community to strengthen its support through limited European Invest- ment Bank (EIB) loans. The involvement of the EIB would reinforce the impact of Community actions, not only by increasing the funds available, but also through the professional involvement of the Bank's project teams. At the initiative of the Presidency, the Ecofin Council of 12 March 2001 considered a set of criteria for a limited EIB special action for environmental projects in North West Russia, notably in the St Petersburg and Kali- ningrad areas. It was underlined that (a) projects must be assessed by the EIB and the loans authorised on a case- by-case basis by its Board of Governors. It is thus not a question of a general lending mandate for Russia; (b) projects must have a strong environmental objective and be of significant interest for the European Union; (c) the EIB must cooperate and co-finance with other inter- national financial initiatives in order to ensure reason- able risk sharing and appropriate project conditionality; (d) the aggregate volume of loans is to be subject to an indicative ceiling of EUR 100 million; (¢) Russia must honour its international financial obligations, including those to the Paris Club. The Stockholm European Council of 23-24 March 2001 concluded that the Union should open up EIB lending for selected environmental projects in Russia, according to specific criteria decided by the Council.