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Council Regulation (EC) No 2894/94 of 28 November 1994 concerning arrangements for implementing the Agreement on the European Economic Area article 8 CELEX: 31994R2894 1. Pursuant to Article 4 (1) of Protocol 38 of the EEA Agreement, the Commission shall determine, on behalf of the Community, the share of each beneficiary region in the overall level of financial assistance from the financial mechanism provided for in Part VIII of the EEA Agreement. These shares shall be determined for a five-year period in the light of the beneficiary regions' relative level of economic development and population size and other relevant factors. 2. The Commission shall communicate its decision to the Council and thereafter to the EFTA States and to the European Investment Bank at the earliest opportunity after the adoption by the Council of this Regulation. 3. The annual commitments in individual regions shall take into account the rate at which projects are presented for financing, as well as the total annual commitments provided under Protocol 38 of the EEA Agreement. The Commission shall make the necessary arrangements with the European Investment Bank and the EFTA Financial Mechanism Committee to ensure that the annual commitments to individual regions do not prejudice the five-year shares as determined under paragraph 1 of this Article. |