Commission staff working document - Annex to the report from the Commission to the Council and to the European Parliament on the borrowing and lending activities of the Community in 2005 {COM(2006) 597 final} /* SEC/2006/1306 */
[pic] | COMMISSION OF THE EUROPEAN COMMUNITIES | Brussels, 17.10.2006 SEC(2006) 1306 COMMISSION STAFF WORKING DOCUMENT ANNEX TO THE REPORT FROM THE COMMISSION TO THE COUNCIL AND TO THE EUROPEAN PARLIAMENT ON THE BORROWING AND LENDING ACTIVITIES OF THE COMMUNITY IN 2005 {COM(2006) 597 final} TABLE OF CONTENTS 1. Borrowing activities in 2005 3 1.1. Trends in borrowing and lending 3 1.2. Borrowing of the European Institutions: outstanding at the end of each period (1) 4 1.3. Borrowing of the European Institutions in 2005 by currency 5 2.1 Lending in non-member States in 2005 – Overview 6 2.2 Loan disbursements for macro-financial assistanceto non-member States 2000-2005 7 2.3.1 EIB loans signatures on Own Resources in non-member States (excluding any signatures at own risk of the EIB) 9 2.3.2 Breakdown by country and sector of EIB lending in 2005 10 a) South-Eastern Neighbours 10 b) In the Mediterranean Countries 11 c) Asia and Latin America 13 d) The Republic of South Africa 13 e) Russia 14 2.3.3 Risk-sharing 14 a) 1st Mandate 14 b) 2nd Mandate 15 2.3.4 Cofinancing in 2005 in the South-Eastern Neighbours 16 2.3.5 Cofinancing in 2005 in the Mediterranean countries 17 2.3.6 Cofinancing in 2005 in the countries of Asia and Latin America 18 2.3.7 Loans signed in 2005 in the South-Eastern Neighbours 19 2.3.8 Loans signed in 2005 in the Mediterranean countries 21 2.3.9 Loans signed in 2005 in Asia and Latin America 22 2.3.10 Loans signed in 2005 in the Republic of South Africa 23 2.4 Breakdown by region and sector of EIB lending in 2005 in the ACP/OCT 23 3.2 Interest subsidies paid under the various Community mechanismsfrom 1995 to 2005 24 BORROWING ACTIVITIES IN 2005 Trends in borrowing and lending EUR million (1) | Mechanism for providing Balance of Payments support for Member States and financial assistance for non-member States. | (2) | The Euratom loans instrument is available for financings to Member States and certain non-Member States. | (3) | Total resources raised (after swaps). Of this amount, EUR 49.8 billion was raised under the EUR 50 billion global borrowing authorisation for 2005 and EUR 2.9 billion was attributed to the 2006 borrowing programme. | (4) | Loans signed from own resources (with and without guarantees from the EU budget), no account being taken of the guarantees provided by the EIB to promoters or operations financed out of NCI resources. | Borrowing of the European Institutions: outstanding at the end of each period (1) EUR million ECSC | EC (NCI) | Euratom | European Community | Commission Sub-total | EIB (2) | Total borrowing | 1982 | 6,178 | 1,747 | 1,272 | 591 | 9,788 | 16,570 | 26,358 | 1983 | 6,539 | 3,269 | 1,680 | 4,610 | 16,098 | 20,749 | 36,847 | 1984 | 7,119 | 4,432 | 1,892 | 4,932 | 18,375 | 25,007 | 43,382 | 1985 | 7,034 | 4,960 | 2,013 | 3,236 | 17,243 | 26,736 | 43,979 | 1986 | 6,761 | 5,202 | 2,168 | 1,890 | 16,021 | 30,271 | 46,292 | 1987 | 6,689 | 5,229 | 2,500 | 2,997 | 17,415 | 31,957 | 49,372 | 1988 | 6,825 | 5,514 | 2,164 | 2,459 | 16,962 | 36,928 | 53,890 | 1989 | 6,738 | 5,122 | 1,945 | 2,075 | 15,880 | 42,330 | 58,210 | 1990 | 6,673 | 4,542 | 1,687 | (3) 2,045 | 14,947 | 48,459 | 63,406 | 1991 | 7,139 | 3,817 | 1,563 | 3,516 | 16,035 | 58,893 | 74,928 | 1992 | 7,327 | 3,326 | 1,338 | 4,026 | 16,017 | 67,784 | 83,801 | 1993 | 7,331 | 2,202 | 1,018 | 5,204 | 15,755 | 78,661 | 94,416 | 1994 | 6,548 | 1,570 | 779 | 7,697 | 16,594 | 83,673 | 100,267 | 1995 | 5,966 | 1,113 | 720 | 8,032 | 15,831 | 87,079 | 102,910 | 1996 | 4,677 | 748 | 572 | 6,666 | 12,663 | 96,649 | 109,312 | 1997 | 3,637 | 218 | 118 | 5,853 | 9,826 | 110,394 | 120,220 | 1998 | 2,806 | 168 | 28 | 4,166 | 7,168 | 123,767 | 130,935 | 1999 | 2,432 | 130 | 12 | 4,074 | 6,648 | 146,223 | 152,871 | 2000 | 2,039 | 90 | - | 1,566 | 3,695 | 159,860 | 163,555 | 2001 | 1,386 | 19 | 40 | 1,614 | 3,059 | 176,027 | 179,086 | 2002 | 713 | 18 | 80 | 1,361 | 2,172 | 181,167 | 183,339 | 2003 | 431 | 16 | 105 | 1,356 | 1,908 | 194,505 | 196,413 | 2004 | 423 | 0 | 170 | 1,214 | 1,807 | 214,825 | 216,632 | 2005 | 440 | 0 | 385 | 1,080 | 1,905 | 248,283 | 250,188 | (1) | The conversion rates used are those of 31 December of each year. As the majority of borrowings are denominated in national currency, the difference between two year-ends reflects on the one hand changes in the valuation of existing stock due to exchange rates fluctuations and on the other the net volume of borrowings during the year. Original amount of borrowings, plus or minus repayments of the principal, cancellations, annulments and exchange-rate adjustments. | (2) | As from 1989, including short term. | (3) | As from 1990, including macro-financial assistance for non-member States. | Borrowing of the European Institutions in 2005 by currency EUR million (rounded) EIB | European Communities (EC, Euratom) (3) | Total borrowing | 2005 % | (3) Macro-financial assistance to non-member States and Euratom. | (4) EU currency since 01/05/2004 | (5) Difference before/after SWAP due to exchange-rate fluctuations | 2.1 LENDING IN NON-MEMBER STATES IN 2005 – OVERVIEW EUR million European Communities | EIB(2) | TOTAL | Euratom (1) | EC Macro-financial assistance(1) | Budget and EDF resources(3) | Own resources | SEN - South Eastern Neighbours(4) | 215(5) | 15(6) | 2,108 | 2,338 | MED - Mediterranean basin | 1,102 | 1,102 | ALA - Latin America and Asia | 256 | 256 | RSA - South Africa | 145 | 145 | ACP-OCT countries(7) | 386 | 151 | 537 | Russia | 60 | 60 | Total | 215 | 15 | 386 | 3,822 | 4,438 | (1) | Disbursements | (2) | Signatures, excluding lending at own risk of the EIB | (3) | Granted and administered by the EIB out of the budgetary resources of the EC or the European Development Fund (EDF) | (4) | This new grouping follows council decision 2005/47/EC | (5) | Bulgaria and Romania | (6) | Serbia and Montenegro | (7) | Africa, Caribbean, Pacific / Overseas Countries and Territories | 2.2 LOAN DISBURSEMENTS FOR MACRO-FINANCIAL ASSISTANCE TO NON-MEMBER STATES 2000-2005 EUR million 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | Total | Bulgaria | 60 | 60 | Romania | 100 | 50 | 150 | Subtotal "Enlargement" countries | 160 | 0 | 0 | 50 | 0 | 0 | 210 | Albania (1) | 0 | Bosnia and Herzegovina (2) | 10 | 10 | 30 | FYROM (3) | 10 | 12 | 28 | 50 | Serbia and Montenegro (4) | 225 | 40 | 15 | 440 | Subtotal Other Western Balkan (5) | 0 | 245 | 12 | 68 | 10 | 15 | 350 | Armenia (6) | 0 | Georgia (6) | 0 | Moldova | 0 | Tajikistan (7) | 60 | 60 | Ukraine | 0 | Subtotal NIS | 0 | 60 | 0 | 0 | 0 | 0 | 60 | Grand Total | 160 | 305 | 12 | 118 | 10 | 15 | 620 | (1) A grant of EUR 3 million was disbursed to Albania in 2005. (2) Disbursement of the loan was accompanied by disbursements of grants of EUR 10 million in 2000. A further grant of EUR 15 million was paid in 2001 and of EUR 25 million in 2003. In 2005 EUR 15 million grants were disboursed. (3) Former Yugoslav Republic of Macedonia. Grants totalling EUR 20 million were disbursed in 2000, followed by a further grant of EUR 10 million in 2001, one of EUR 10 million in 2002 and another one of EUR 18 million in 2003. (4) One grant of EUR 115 million was paid to Serbia and Montenegro in 2002, one of EUR 35 million in 2003, one of EUR 10 million in 2004 and another one of EUR 25 million in 2005. (5) Grants of EUR 35 million and EUR 7 million were disbursed to Kosovo and Montenegro respectively in 2000. In 2001 EUR 35 million were disbursed to Kosovo and EUR 13 million to Montenegro, granted in the form of budgetary support. In the same year a further grant of EUR 15 million was disbursed to Kosovo, followed by another one of EUR 15 million in 2002. (6) Exceptional financial assistance. These loan disbursements to Armenia and Georgia were supplemented by the disbursement of grants totalling respectively, EUR 8 million and EUR 10 million in 1998 and EUR 4 million and EUR 9 million in 1999. A further grant of EUR 6 million was made to Georgia in 2001. A grant of EUR 11 million was paid to Armenia in 2002. Further grants to Armenia EUR 5.5 million and Georgia EUR 6.5 million were paid in 2004. In 2005 1.5 million grants was paid to Armenia. (7) This loan was accompanied by the disbursement of grants totalling EUR 14 million. A further grant of EUR 7 million was paid in 2003 (although decided in 2002) and in 2005 for the same amount. 2.3.1 EIB loans signatures on Own Resources in non-member States (excluding any signatures at own risk of the EIB) EUR million 2001 | 2002 | 2003 | 2004 | 1st half 2005 | 2nd half 2005 | Total 2000- 2005 | SEN (2000-2007) | 928 | 1 200 | 1 169 | 865 | 233 | 1 874 | 6 269 | Bosnia-Herzegovina | 40 | 0 | 0 | 0 | 0 | 0 | 40 | Russia | 0 | 0 | 25 | 0 | 60 | 0 | 85 | MED (Partenariat 2000-2007) | 910 | 1 000 | 1 322 | 1 436 | 270 | 832 | 5 770 | MED (protocols 3-4) | 115 | 0 | 0 | 0 | 0 | 0 | 115 | Turkey Terra | 75 | 0 | 150 | 0 | 0 | 0 | 225 | Turkey – Special Action | 0 | 130 | 100 | 220 | 0 | 0 | 450 | ALA (2000-2007) | 535 | 174 | 348 | 233 | 136 | 120 | 1 546 | RSA (2000-2007) | 152 | 50 | 260 | 100 | 30 | 115 | 707 | ACP (1996-2000) | 188 | 123 | 178 | 0 | 0 | 0 | 489 | COTONOU (2004-2005) | 0 | 0 | 0 | 68 | 0 | 151 | 219 | TOTAL | 2,943 | 2,677 | 3,552 | 2,922 | 729 | 3,092 | 15,915 | 2.3.2 Breakdown by country and sector of EIB lending in 2005 a) South-Eastern Neighbours EUR million Country | Number of loans | Total loan signatures | Water Management /Infrastructure | Communi-cations | Education/Health | Global and Investment loans | Romania | 6 | 949 | 313 | 550 | 66 | 20 | 100% | 33% | 58% | 7% | 2% | Turkey | 3 | 730 | 30 | 450 | 250 | 100% | 4% | 62% | 34% | Bosnia/Herzegovina | 5 | 211 | 151 | 60 | 100% | 72% | 28% | Serbia and Montenegro | 7 | 153 | 43 | 25 | 85 | 100% | 28% | 16% | 56% | Albania | 1 | 35 | 35 | 100% | 100% | Bulgaria | 1 | 30 | 30 | 100% | 100% | Total | 23 | 2,108 | 343 | 1,229 | 91 | 445 | 100% | 16% | 58% | 5% | 21% | In 2005, the Bank signed 23 loan contracts in the framework of the Council Decisions for an aggregate amount of EUR 2,108 million in 6 countries. Romania and Turkey absorbed 80% between them (45% and 35% respectively), the remainder going to Bosnia and Herzegovina (10%), Serbia and Montenegro (7%), Albania and Bulgaria (3%). - Bank activity was directed principally towards the communications sector. Loans were made to Romania for the rehabilitation and new construction of parts of Trans-European Networks and to Turkey for the construction of the Bosphorus railway tunnel. Lending in Bosnia and Herzegovina was for rail and road infrastructure, in Serbia and Montenegro for the rehabilitation of roads and air traffic control systems and in Albania for rehabilitation of the North-South road axis. This sector accounted for EUR 1,229 million, representing 58% of total lending. - Global loans in support of small of small and medium scale enterprises totalling EUR 445 accounted for 21% of lending activity, including loans of EUR 250 to Turkey, EUR 85 million to Serbia and Montenegro, EUR 60 million to Bosnia and Herzegovina, EUR 30 million to Bulgaria and EUR 20 million to Romania. - Loans of EUR 343 million (16%), went to the water management and infrastructure sector, including EUR313 million to Romania for the rehabilitation of road infrastructure damaged by floods in 2004 and 2005, as well as some infrastructure development in small towns, and EUR 30 million to Turkey for the rehabilitation and upgrading of wastewater collection and treatment works. b) In the Mediterranean Countries EUR million Country | No. of loans | Total loan signatures | Energy | Communi-cations | Water Manage-ment | Industry & Services | Health & Education | Global Loans | Syria | 2 | 300 | 200 | 100 | 100% | 66% | 33% | Tunisia | 4 | 260 | 80 | 180 | 100% | 31% | 69% | Lebanon | 3 | 170 | 60 | 60 | 50 | 100% | 35% | 35% | 30% | Egypt | 2 | 167 | 167 | 100% | 100% | Maroc | 3 | 160 | 130 | 30 | 100% | 81% | 19% | Gaza- West Bank | 1 | 45 | 45 | 100% | 100% | Total | 15 | 1,102 | 412 | 290 | 60 | 80 | 260 | 100% | 37% | 26% | 6% | 7% | 24% | Loans amounting to EUR 1,102 million were signed for 15 operations in six countries in 2005. The balance of lending changed considerably from 2004 and was well spread throughout the region. Syria received 27%, Tunisia 24%, Egypt, Lebanon and Morocco around 15% each, with the remainder (4%) to Gaza-West Bank. In the energy sector , EUR 412 million (37% of total financing) went towards the construction of gas-fired plants in Egypt and Syria and modernisation of the distribution network in Gaza/West Bank. EUR 290 million (26% of total financing) was lent for projects in the communications sector . Projects covered the construction of a motorway section and reconstruction of rural roads in Morocco, extension of the fixed line telephone network in Syria and improvement of the electricity distribution network in Gaza-West Bank. Global loans of EUR 260 million (24% of total financing) were made in support of SMEs in Tunisia, Lebanon and Morocco. A loan of EUR 80 million was advanced for construction of an industrial park representing 7% of total financing in the Industry and Services sector. Finally, 6% (EUR 60 million) of total financing was lent to the water management and sundry infrastructure sector for the construction of a wastewater treatment plant in Lebanon. c) Asia and Latin America EUR million Country | Number of loans | Total loan signatures | Energy | Communi-cations | Industries& Services | Global loans | Brazil | 2 | 94 | 94 | 100% | 100% | Indonesia | 1 | 50 | 50 | 100% | 100% | Laos | 1 | 42 | 42 | 100% | 100% | Regional-Andean Countries | 1 | 40 | 40 | 100% | 100% | Vietnam | 1 | 30 | 30 | 100% | 100% | Total | 6 | 256 | 42 | 94 | 120 | 100% | 16% | 37% | 47% | The Bank signed six loan contracts for an amount of EUR 256 million in 5 countries. Global loans in support of small of small and medium scale enterprises accounted for 47% (EUR 120 million) of lending activity, including loans of EUR 50 million to Indonesia, EUR 40 million to Regional Andean Countries and EUR 30 million to Vietnam. Loans in favour of the Industry and services sector in Brazil accounted for 37% of total financing (EUR 94 million). Projects included the technical and environmental upgrading of a refinery and new production plant for the manufacture of vehicle tyres. Finally, a loan of EUR 42 million (16%) was extended in favour of the energy sector for construction and operation of a hydroelectric plant in Laos. d) The Republic of South Africa In 2005, the Bank signed three loans for a total amount of EUR 145 million. Two loans went to improving urban infrastructure while the third was for the co-financing of a water pipeline. e) Russia Before expiry of the mandate in May 2005, two further loans were made for environmental projects in the St. Petersburg area, one for flood protection and one for the modernisation of a sludge treatment plant. 2.3.3 Risk-sharing a) 1st Mandate 1 st Mandate: (Council Decision covering period 31.01.1997 to 31.01.2000) No further loans were signed under the 1st Mandate in 2005 so the levels of risk sharing achieved under the 1st Mandate have not changed. In terms of lending compared to the total ceiling, these levels were 81% for ALA, 26% for CEEC and 3% for the Mediterranean. Table 2.3.3 EUR million Mandate Ceilings 1st Mandate | Total amounts of loans signed at 31.12.2005 | No. of loans signed with risk-sharing | Amount of loans signed with risk-sharing | Percentage of risk-sharing achieved (relative to mandate ceiling) | Percentage of risk-sharing achieved (relative to loan signature) | CEEC | 3 520 | 3 446 | 21 | 896 | 26% | 26% | Mediterranean | 2 310 | 2 310 | 5 | 71 | 3% | 3% | ALA | 900 | 900 | 17 | 730 | 81% | 81% | RSA | 375 | 374.6 | 0 | 0 | 0% | 0% | FYROM | 150 | 150 | 0 | 0 | 0% | 0% | TOTAL | 7,255 | 7,180 | 43 | 1.697 | 24% | 24% | b) 2nd Mandate 2 nd Mandate: (Council Decision covering period 1.02.2000 to 31.01.2007) The cumulative total for risk-sharing projects since the start of lending activity in the framework of the Council Decisions relative to the period starting 1.02.2000 was EUR 2,974 million at the end of 2005, i.e. 15.3% of the overall lending ceiling and 17.3% of lending to date. In South-Eastern Europe, EIB lending based on risk sharing reached a total of EUR 830 million, or 9% of the lending ceiling for those countries and 11% of lending in the region to date. In the Mediterranean countries, three loans were signed under the risk-sharing arrangement in 2005, bringing the total to EUR 601 million, representing around 9% of the mandate ceiling and 10% of total amounts signed. As expected, projects are often signed with governments or public bodies (in accordance with the programming procedures inherent in the Euro-Mediterranean Partnership) , and thus the risk-sharing total for the Mediterranean countries still remains relatively low. In Asia and Latin America (ALA), risk sharing in respect of EIB lending reached a total of EUR 1,463 million representing 59% of the mandate ceiling and 75% of lending in the region to date. Table 2.3.3 (bis) EUR million Mandate Ceilings 2nd Mandate | Total amounts of loans signed at 31.12.2005 | No. of loans signed with risk-sharing | Amount of loans signed with risk-sharing | Percentage of risk-sharing achieved to-date (relative to mandate ceiling) | Percentage of risk-sharing achieved to-date (relative to loan signatures) | SEN | 9 185 | 7 817 | 26 | 830 | 9% | 11% | Mediterranean | 6 520 | 6 272 | 11 | 601 | 9% | 10% | ALA | 2 480 | 1 942 | 32 | 1 463 | 59% | 75% | RSA | 825 | 757 | 2 | 80 | 10% | 11% | Turkey SAP | 450 | 450 | TOTAL | 19 460 | 17 238 | 71 | 2 974 | 15.3% | 17.3% | The regional tables at the end of section 2.3 (Tables 2.3.7 to 2.3.10) identify the risk-sharing loans. 2.3.4 Cofinancing in 2005 in the South-Eastern Neighbours For South-Eastern Neighbours the Bank continued its active participation with the Commission and other IFIs in an Infrastructure Steering Group, to help with the upstream preparation of projects and policy coordination. EUR million Country | Project | Cost | EIB | PHARE/ ISPA | Multi/Bilatéral institutions | Other[1] | Romania | Investment in support of a comprehensive strategy for health care reform | 168 | 66 | 65 | 37 | Support for programme to develop the infrastructure in small and medium sized towns | 39 | 13 | 14 | 7 | 5 | Renewal and modernisation of a stretch of railway on TEN IV | 820 | 300 | 500 | 20 | Construction of a motorway section and bypass on TEN IV | 680 | 250 | 100 | 330 | Turkey | Construction of a wastewater treatment plant and rehabilitation of the storm water drainage system | 75 | 30 | 18 | 27 | Construction of a tunnel under the Bosphorus | 2000 | 450 | 625 | 925 (inc. 200 EIB loan) | Serbia and Montenegro | Rehabilitation and modernisation of air traffic control system. | 112 | 34 | 34 | 44 | Construction of eight pre-university schools and modernisation of a special school | 50 | 25 | 13 | 9 | 3 | Upgrading of roads and bridges | 79 | 9 | 3 | 14 | 53* | Albania | Upgrading and modernisation of a 70km stretch of road on the north-south axe. | 101 | 35 | 3 | 35 | 28* | Total | 4 124 | 1 212 | 598 | 842 | 1 472 | 2.3.5 Cofinancing in 2005 in the Mediterranean countries In the Mediterranean countries, the Bank’s operations are conducted within the framework of EU policy and form part of a concerted approach that is pursued in close cooperation with the Commission and, as appropriate, with other IFIs, including through cofinancing operations. The contributions of these institutions to projects financed by EIB are shown below. EUR million Country | Project | Cost | EIB | Multilateral institutions | Bilateral institutions | Other | Morocco | Construction of a section of motorway to complete the link Casablanca-Settat | 408 | 70 (in 2004 EIB loan 110) | 83 | 51 | 94 | Gaza/West Bank | Technical improvement and reinforcement of the electricity distribution | 98 | 45 | 0 | 53 | 0 | Lebanon | Construction of a section of motorway | 155 | 60 | 35 | 60 | Total | 661 | 285 | 118 | 104 | 154 | 2.3.6 Cofinancing in 2005 in the countries of Asia and Latin America In Asia and Latin America, the Bank continues to finance projects that are of interest to both the Community and the country concerned and to the EU. The mutual interest of the loans signed in 2005 is described in table 2.3.6 bis below. The Bank cooperates with other IFIs in Asia and Latin America whenever possible (see table 2.3.6). Table 2.3.6 EUR million Country | Project | Cost | EIB | Bilateral Institutions | Multi-lateral institutions | Other | Brazil | Technical and environmental improvement of a refinery | 821 | 54 | 218 | 0 | 549 | Laos | Construction of a hydro-electric plant | 998 | 42 | 66 | 100 | 790 | Total | 1 819 | 96 | 284 | 100 | 1 339 | Table 2.3.6 (bis) Mutual interest of projects in the countries of Asia and Latin America Country | Project | Mutual interest | Brazil | Technical and environmental improvement of a refinery. | This project will consolidate the strategic presence in Brazil of the major European company that is one of the two shareholders. | New plant for vehicle tyre production | As it is implemented by the subsidiary of a major European group, it will strengthen the position of the group in the NAFTA market. In addition, it will bring benefits to the region in terms of foreign direct investment and transfer of technology as well as domestic production and employment. | Indonesia | Financing of small and medium-scale ventures | The project will contribute to the economic development of Indonesia through the provision of long-term finance in foreign currency to profitable EU joint venture investment projects. | Laos | Construction of a hydro-electric plant | A European company is firmly committed to the project, acting as lead developer, lead shareholder and technical service provider. There will be a significant transfer of European technology and know-how. | Regional Andean Countries | Financing of small and medium-scale ventures | In a context where term financing is very scarce and costly, the project will enhance the support the Bank can provide to projects presenting a mutual interest for the host countries and the EU. | Vietnam | Financing of small and medium-scale ventures | The project would facilitate the implementation of projects featuring a mutual interest carried out by joint ventures between EU and Vietnamese entities. | 2.3.7 Loans signed in 2005 in the South-Eastern Neighbours Country | Description | Loan (EUR million) | Risk sharing | Romania | Renewal and modernisation of a stretch of railway on TEN IV | 300,0 | No | Reconstruction of flood damaged roads | 300,0 | No | Construction of a motorway section and bypass on TEN IV | 250,0 | No | Investment in the context of the national strategy and reform of the health sector. | 66,4 | No | Financing of small and medium-scale ventures | 20,0 | No | Programme for developing the infrastructure in small or medium-sized towns | 12,6 | No | Total | 949,0 | Bosnia-Her- zogovina | Construction of several sections of railway on the north-south and east-west axes | 86,0 | No | Construction of a stretch of 4-lane highway | 65,4 | No | Financing of small and medium-scale ventures | 30,0 | Yes | Financing of small and medium-scale ventures | 20,0 | Yes | Financing of small and medium-scale ventures | 10,0 | Yes | Total | 211,0 | Turkey | Construction of a tunnel under the Bosphorus | 450,0 | No | Financing of small and medium-scale ventures | 250,0 | No | Construction of a water supply plant and rehabilitation of the supply network | 30,0 | No | Total | 730,0 | Serbia and Montenegro | Rehabilitation and modernisation of air traffic control system. | 34,0 | No | Financing of small and medium-scale ventures | 30,0 | Yes | Construction of eight pre-university schools and modernisation of a special school | 25,0 | No | Financing of small and medium-scale ventures | 25,0 | Yes | Financing of small and medium-scale ventures | 20,0 | Yes | Financing of small and medium-scale ventures | 10,0 | Yes | Upgrading of roads and bridges | 9,0 | No | Total | 153,0 | Albania | Upgrading and modernisation of a 70km stretch of road on the north-south axe. | 35,0 | No | Total | 35,0 | Bulgaria | Financing of small and medium-scale ventures | 30,0 | Yes | Total | 30,0 | Grand Total | 2 108,0 | 2.3.8 Loans signed in 2005 in the Mediterranean countries Country | Description | Loan (EUR million) | Risk sharing | Tunisia | Construction of five regional techno poles. | 80,0 | No | Financing of small and medium-scale ventures | 70,0 | No | Financing of small and medium-scale ventures | 60,0 | No | Financing of small and medium-scale ventures | 50,0 | No | Total | 260,0 | Morocco | Construction of a section of motorway to complete the link Casablanca-Settat | 70,0 | No | Upgrading of rural road network | 60,0 | No | Financing of small and medium-scale ventures | 30,0 | Yes | Total | 160,0 | Egypt | Construction of a second liquefied natural gas plant | 117,0 | Yes | Construction of two gas pipelines | 50,0 | No | Total | 167,0 | Syria | Construction of a gas-fired, combined cycle power plant | 200,0 | No | Extension of the fixed-line telephone network in rural areas | 100,0 | No | Total | 300,0 | Lebanon | Construction of a section of motorway | 60,0 | No | Construction of a wastewater treatment plant | 60,0 | No | Financing of small and medium-scale ventures | 50,0 | Yes | Total | 170,0 | Gaza- West Bank | Technical improvement and reinforcement of the electricity distribution network | 45,0 | No | Total | 45,0 | Grand Total | 1 102,0 | 2.3.9 Loans signed in 2005 in Asia and Latin America Country | Description | Loan (EUR million) | Risk sharing | Brazil | Technical and environmental improvement of a refinery | 54,0 | Yes | New plant for vehicle tyre production | 40.0 | Yes | Total | 94,4 | Indonesia | Financing of small and medium-scale ventures | 50,0 | Yes | Total | 50,0 | Laos | Construction of a hydro-electric plant | 42.1 | No | Total | 42,1 | Regional Andean Countries | Financing of small and medium-scale ventures | 40,0 | No | Total | 40,0 | Vietnam | Financing of small and medium-scale ventures | 30,0 | No | Total | 30,0 | Grand Total | 256.5 | 2.3.10 Loans signed in 2005 in the Republic of South Africa Country | Description | Loan (EUR million) | Risk sharing | RSA | Construction of a water pipeline | 85 | No | Rehabilitation of urban infrastructure | 30 | No | Cofinancing of an urban infrastructure programme | 30 | No | Total | 145,0 | 2.4 BREAKDOWN BY REGION AND SECTOR OF EIB LENDING IN 2005 IN THE ACP/OCT EUR million Financial year | Natural disasters | Trans-European Networks | EDF | MEDA | BOSNIA | FYROM | 1995 | 6.1 | 25.0 | 28.1 | 15.2 | 1996 | 4.3 | 18.0 | 28.6 | 22.4 | 1997 | 4.0 | 37.0 | 56.9 | 48.2 | 1998 | 2.8 | 20.0 | 24.5 | 30.3 | 2.7 | 1999 | 2.2 | 71.0 | 27.1 | 29.2 | 4.0 | 2000 | 1.7 | 54.0 | 18.7 | 17.4 | 1.1 | 2001 | 1.3 | 15.0 | 14.5 | 26.6 | 2.3 | 2002 | 0.9 | 14.3 | 19.9 | 19.1 | 1.0 | 2.5 | 2003 | 0.6 | 4.0 | 7.75 | 29.65 | 2004 | 0.3 | 13.26(1) | 9.0 | 23.98 | 2.76 | 1.31 | 2005 | 0.2 | 0.39 | 21.95 | 5.5 | (1) Revised figure. [1] Including funds of states, promoters and commercial banks.