European Communities-IIP financial facility for Asia, Latin America, and Mediterranean countries
A proposal for a Council Regulation (EEC) was submitted on 5 December 1990 (COM(90) 575) on the "European Communities-International Investment Partners" financial facility for countries of Asia, Latin America and the Mediterranean region. Considering the positive results of a three-year pilot scheme launched in 1998, the Community shall operate, for a five-year trial period starting on 1 January 1992, special cooperation schemes aimed at promoting investment, particularly in the form of joint ventures with local operators in the eligible countries. The European Communities-IIP shall offer financing facilities suitable for the various phases of the investment process (outright grants, interest-free advances, equity holdings, equity loans). Selection of projects will be dependent on: The anticipated soundness of the investment; the contribution to development; compatibility with Community policy; compliance with eligibility criteria.