7.7.2012 Official Journal of the European Union L1771 | (Legislative acts) DECISIONS DECISION No 602/2012/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 July 2012 on amendments to the Agreement Establishing the European Bank for Reconstruction and Development (EBRD) extending the geographic scope of EBRD operations to the Southern and Eastern Mediterranean THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 212 thereof, Bank’s region of operations to the Southern and Eastern Mediterranean, the Southern and Eastern Mediterranean consists of the countries that have a shoreline on the Mediterranean, as well as Jordan which is closely inte- grated into this region. 3)  In response to the 2011 events in the Southern and Having regard to the proposal from the European Commission, Eastern Mediterranean, on 8 March 2011 the Commission and the High Representative of the Union for Foreign Affairs and Security Policy presented a Joint Af - - . Communication entitled ‘A Partnership for Democracy ter transmission of the draft legislative act to the national d Shared Prosperity with the Southern Mediterranean parliaments, an l.are rospertty With Tie Sowrnetnn Ve . signalling the Union’s strong political and economic support to the region. The Joint Communication included an option to extend the EBRD’s mandate to Acting in accordance with the ordinary legislative procedure (1), cover the countries of the Southern Neighbourhood, building on the EBRD’s experience over the last 20 years. The European Council of 24 and 25 March 2011 broadly endorsed the contents of that Whereas: Joint Communication. In its Resolution of 7 April 2011 on the review of the European Neighbourhood Policy — Southern Dimension, the European Parliament o ] ) invited the EBRD to change its statute in order to (1) Since its establishment in 1991, the European Bank for participate in the financial assistance process. Reconstruction and Development (EBRD) has assisted the Central and Eastern European countries in their transition towards open market economies and the promotion of private and entrepreneurial initiative. The geographic scope of EBRD operations should be extended to the 4 In May 2011, the G8 leaders launched the Deauville Southern and Eastern Mediterranean in order to Partnership to help the countries of the Southern and promote similar objectives. In response to the Eastern Mediterranean in their transition towards free, economic and political situation in countries of the democratic and tolerant societies and called on the Southern and Eastern Mediterranean, the EBRD has EBRD to extend its geographic scope in order to developed a phased approach to starting its activities leverage its experience and support the transition of that will take into consideration the specificity of the those countries to embrace the principles of multi-party region. democracy, pluralism and market economy. (2)  According to the Report of the Board of Directors to the Board of Governors on the geographic expansion of the (5) The expansion of EBRD operations to the Southern and (1) Position of the European Parliament of 13 June 2012 (not yet published in the Official Journal) and decision of the Council of 26 June 2012. Eastern Mediterranean reflects support by the Union and the international community for the hope, encouraged by the Arab Spring, for a transition in that region towards market economies and pluralistic democratic societies.