No L 125/16 Official Journal of the European Communities 22. 5. 79 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 14 May 1979 applying Decision 78/870/EEC empowering the Commission to contract loans for the purpose of promoting investment within the Community (79/486/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, Having regard to Council Decision 78/870/EEC of 16 October 1978 empowering the Commission to contract loans for the purpose of promoting invest- ment within the Community ('), and in particular Article 2 thereof, Having regard to the proposal from the Commis- sion (), Having regard to the opinion of the European Parlia- ment (%), Whereas the Community action aims to realize struc- tural investment projects in line with priority Commu- nity objectives in the energy, industry and infrastruc- ture sectors ; Whereas the Community has set itself the objective of stimulating an economic upturn and supporting common policies through Community action aimed at the realization of investment projects which contri- bute to realizing greater convergence of the economic policies and performances of the Member States, an objective reaffirmed by the European Council in its resolution of S December 1978 on the introduction of the European monetary system and related matters ; (1) OJ No L 298, 25. 10. 1978, p. 9. () OJ No C 88, 4. 4. 1979, p. 3. () OJ No C 127, 21. 5. 1979, p. 32. Whereas investment in the infrastructure and energy sectors is of paramount importance for the economies of the Member States ; Whereas investment in infrastructure greatly influ- ences regional development and employment; Whereas the Community has set as its energy policy objectives to guarantee less dependence on imported energy and greater security of supplies ; whereas these objectives have been reaffirmed on a number of occa- sions by the Council and again, recently, by the Euro- pean Council at its meeting on 6 and 7 July 1978 Whereas the Community measure will help to cope with the number and size of investment projects to be realized in the infrastructure and energy sectors; Whereas borrowings of an amount equivalent to a capital sum of 500 million European units of account appear to be acceptable in the present circumstances for a series of loans to finance investment projects in the said priority sectors, HAS DECIDED AS FOLLOWS: Article 1 A first tranche of borrowings shall be authorized for an amount not exceeding the equivalent of a capital sum of 500 million European units of account.