Extension of the Cohesion Financial Instrument
A Council Regulation of 10 March 1994 extends the period of validity of the Cohesion Financial Instrument from 1 April 1994 to 31 December 1994. The aim of this Regulation (EC No 566/94 of 10 March 1994) is to ensure continuity between the Cohesion Financial Instrument and the Cohesion Fund, in order that Member States will be able to prepare projects sufficiently in advance, as such projects must be of a scale to have significant impact in the fields of environmental protection or in the improvement of trans-European transport infrastructure networks. The new Cohesion Fund, which is to replace the Financial Instrument, will be established by a Council Regulation in the near future. It shall provide financial contributions to projects in the fields of the environment and trans-European transport infrastructure in Member States with a per capita GNP of less than 90% of the EU average, and where the Member State has a programme leading to the fulfilment of the conditions of economic convergence. Greece, Spain, Ireland and Portugal are the four Member States which currently meet these criteria.
Greece, Spain, Ireland, Portugal