28. 4. 94 Official Journal of the European Communities No L 107/57 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 19 April 1994 on the provision of Community interest subsidies on loans for small and medium-sized enterprises extended by the European Investment Bank under its temporary lending facility (94/217/EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 235 thereof, Having regard to the proposal from the Commission ('), Having regard to the opinion of the European Par- liament (3), Whereas the Edinburgh European Council invited the European Investment Bank (EIB) to give urgent and sympathetic consideration to the establishment of a new, temporary lending facility of ECU 5000 million within the EIB, in order to accelerate the financing of infrastruc- ture projects, in particular those connected with trans- European networks ; whereas the Board of Governors of the EIB decided to create this facility on 10 February 1993; Whereas the Copenhagen European Council invited the EIB to increase this facility by ECU 3 000 million and to extend its duration beyond 1994 ; whereas ECU 1 000 million of this increase will be allocated to strengthening the competitiveness of European small and medium-sized enterprises (the SME facility) ; Whereas the Copenhagen European Council also invited the Council to examine how this part of appropriations available for SMEs could benefit from interest rate subsi- dies up to a maximum of three percentage points over five years, on the understanding that the subsidies would be linked to employment creation and funded within the existing financial perspective ; whereas the Brussels Euro- pean Council on 29 October 1993 called upon the () OJ No C 10, 14. 1. 1994, p. 13. () OJ No C 114, 25. 4. 1994. Council to ensure that an interest rate subsidy mechanism for SMEs was set up in accordance with the guidelines adopted by the Copenhagen European Council and in accordance with the conclusions of the Edinburgh Euro- pean Council on ensuring value for money on Commu- nity operations ; Whereas the present measure would be part of the Community initiative to stimulate economic growth; whereas the Edinburgh European Council recognized the importance of SMEs for creating employment and stimu- lating growth ; Whereas, on 28 July 1989, the Council adopted Decision 89/490/EEC on the improvement of the business envi- ronment and the promotion of enterprises, and in parti- cular small and medium-sized enterprises, in the Community (%) ; whereas the support programme provided for by that Decision was revised by Decision 91/319/ EEC(); Whereas, in its resolution of 17 June 1992 (%), the Council recommended the Commission to develop the action necessary ‘to create a favourable environment for enter- prises, in particular SMEs ; Whereas, on 14 June 1993, the Council adopted Decision 93/379/EEC on a multiannual programme of Community measures to intensify the priority areas and to ensure the continuity and consolidation of policy for enterprise, in particular small and medium-sized enterprises, in the Community (%) ; () OJ No L 239, 16. 8. 1989, p. 33. () OJ No L 175, 4. 7. 1991, p. 32. () OJ No C 178, 15. 7. 1992, p. 8. ) OJ No L 161, 2. 7. 1993, p. 68.