This Regulation establishes the conditions and areas of financial and technical cooperation with the West Bank and the Gaza Strip with a view to contributing to economic, political and social development in the region. It will be replaced by the European Neighbourhood instrument when this comes into force.

Council Regulation (EC) No 1734/94 of 11 July 1994 on financial and technical cooperation with the West Bank and Gaza Strip [see amending acts].

1. Originally titled "On financial and technical cooperation with the Occupied Territories", the Regulation sets up financial and technical cooperation with the West Bank and Gaza Strip.

2. The financial and technical cooperation is intended to contribute to sustainable economic, political and social development in the region, with multi-annual programmes where possible.

3. Projects and operations under the Regulation cover infrastructure, production, urban and rural development, education, health, the environment, services, foreign trade, job creation, institution building, promotion of democracy and human rights and development of civil society. These activities are financed by grants and 3% interest rate subsidies.

4. Apart from the States and regions involved, other local, regional, private and non-Governmental bodies may also benefit from the support measures. Participation in invitations to tender and contracts is open on equal terms to all natural and legal persons in the Member States and in the Mediterranean partner States.

5. The aid may be combined with European Investment Bank (EIB) financing from own resources and may be used for co-financing with Member States, non-member countries in the region, multilateral bodies or the West Bank and Gaza Strip themselves.

6. The Commission is assisted by the MED Committee set up under Regulation (EC) No 1488/96 for financing decisions on the following matters:

7. Within an overall allocation, the Commission adopts financing decisions not exceeding EUR 2 000 000. It also adopts decisions amending financing decisions where they do not entail any substantial amendments or additional commitments in excess of 20 % of the original commitment. The financing decisions are subject to supervision and financial control by the European Anti-Fraud Office (OLAF), including on-the-spot audits and checks, and audits by the Court of Auditors.

References

Amending act(s)	Entry into force	Deadline for transposition in the Member States	Official Journal
Regulation (EC) No 1734/94	19.7.1994	-	OJ L 182, 16.7.1994

Amending act(s)	Entry into force	Deadline for transposition in the Member States	Official Journal
Regulation (EC) No 2824/98	1.1.1999	-	OJ L 351 of 29.12.1998
Regulation (EC) No 2840/98	2.1.1999	-	OJ L 354 of 30.12.1998
Regulation (EC) No 1882/2003	20.11.2003	-	OJ L 284 of 30.10.2003
Regulation (EC) No 669/2004	17.4.2004	-	OJ L 105 of 14.4.2004
Regulation (EC) No 2110/2005	28.12.2005	-	OJ L 344 of 27.12.2005

Regulation (EC) No 1638/2006 of the European Parliament and of the Council of 24 October 2006 laying down general provisions establishing a European Neighbourhood and Partnership Instrument [Official Journal L 310 of 9.11.2006]

Regulation (EC) No 1882/2003 of the European Parliament and of the Council of 29 September 2003 adapting to Council Decision 1999/468/EC the provisions relating to committees which assist the Commission in the exercise of its implementing powers laid down in instruments subject to the procedure referred to in Article 251 of the EC Treaty [Official Journal L 284 of 31.10.2003].