3.12.1999 Official Journal of the European Communities L 308/35 COUNCIL DECISION of 29 November 1999 granting a Community guarantee to the European Investment Bank (EIB) against losses under loans for projects for the reconstruction of the earthquake-stricken areas of Turkey (1999/786/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: The Turkish areas of Kocaeli, Sakarya, Bolu and Yalova were seriously stricken by an earthquake in August 1999 and its recent aftershocks; The General Affairs Council of 13 September 1999 concluded that: ‘it looks forward to early consideration of new and substantial assistance for rehabilitation and reconstruction to come from the EIB lending as well as macrofinancial assistance and MEDA 1I, from which Turkey should benefit substantially’; the Council also underlined the importance of mobilising assistance as quickly as possible; Further to the General Affairs Council of 13 September 1999, the Ecofin Council of 8 October 1999 concluded that: ‘the Council invites the Commission to put forward a timely proposal for a Council Decision for a Community guarantee to the EIB against losses under loans for the reconstruction of the earthquake-affected areas of Turkey to allow the adoption of the Decision by the Council possibly by the end of November 1999, along the following lines: an overall ceiling of EUR 600 million for the credits to be opened for reconstruction in Turkey over three years, and the above ceiling to be exclusively available for the financing of investment projects to be carried out for the replacement, rehabilita- tion or reconstruction of infrastructural or industrial installations affected by the earthquake of August 1999 in Turkey’; on 8 November 1999 the Ecofin Council confirmed the urgency of the adoption of this Decision; for these reasons of urgency it has not been possible to respect the normal time limit of six weeks for the full information by Member States of their national Parlia- ments in accordance with the Protocol on the role of (4) national Parliaments in the European Union, attached to the Treaty of Amsterdam modifying the Treaty of the European Union; Therefore, loans extended under the special EIB lending facility for the reconstruction of Turkey guaranteed by this Decision are exclusively aimed at the replacement, reconstruction or rehabilitation of damaged surface and subsurface infrastructure, industrial installations and SMEs, as well as urban infrastructure and housing affected by the earthquake; On 31 October 1994, the Council adopted Regulation (EC, Euratom) No 2728/94 establishing a Guarantee Fund for external actions ('); The EIB is at present completing the loan programmes for Central and Eastern Europe, the Mediterranean region, Asia and Latin America and the Republic of South Africa under the current EIB external lending mandates pursuant to Decision 97/256/EC (3); on 23 April 1999, the Commission put forward its proposal on the renewal of the general EIB external lending mandate for the period following the expiry of the current mandate; regarding the renewal of the general mandate, the Council on 12 July 1999 agreed, subject to the opinion of the European Parliament, to a guarantee rate of 65%, a guaranteed annual amount of EUR 2 630 million, and a duration for a new mandate of seven years, with a review on first accession or at the latest after four and a half years, whichever is the earlier; The EIB has established lending operations in Turkey since 1965 and, through its existing operations, regular contacts with the relevant Turkish authorities as well as the international financial institutions active in Turkey; In June 1996, the Commission, in agreement with the EIB, presented to the Council a proposal for a new guarantee system for EIB lending to third countries; On 2 December 1996, the Council approved conclu- sions on new guarantee arrangements for EIB lending to third countries, according to which the approach of a global guarantee, without distinguishing between regions and projects, is approved and a risk-sharing scheme accepted; under the risk-sharing scheme the EIB should secure adequate non-sovereign third-party guarantees for commercial risks, with the budgetary guarantee in that case covering only political risks; () OJ L 293, 12.11.1994, p. 1. Regulation as amended by Regulation (EC, Euratom) No 11491999 (O] L 139, 2.6.1999, p. 1). (*) Council Decision 97/256/EC of 14 April 1997 granting a Commu- nity guarantee to the European Investment Bank against losses under loans for projects outside the Community (centraig and eastern Europe an countries, Mediterranean countries, Latin American and Asian countries, South Africa, the former Yugoslav Republic of Macedonia and Bosnia and Herzegovina) (O] L 102, 19.4.1997, p. 33). Decision as last amended by Decision 98/729/EC (O] L 346, 22.12.1998, p. 54).