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1. The EIB shall implement an exclusive dedicated investment window covering a comprehensive risk cover for operations with sovereign counterparts and non-commercial sub-sovereign counterparts with an indicative minimum amount of EUR 11 000 000 000 which shall be programmed in accordance with the procedures laid down in Chapters I and III of this Title. The EIB shall have the exclusivity for operations with sovereign counterparts and non-commercial sub-sovereign counterparts under the exclusive dedicated investment window. Under the exclusive dedicated investment window, the own resources contribution shall be understood as the assumption of residual risk and the EU guarantee shall cover 65 % of the aggregate amount disbursed and guaranteed under EIB financing operations, less amounts reimbursed, plus all related amounts.

By way of derogation from the second subparagraph, if the EIB cannot carry out or decides not to carry out operations under the exclusive dedicated investment window, the implementation of these operations shall be open to other eligible counterparts, in accordance with conditions which shall be laid down in the relevant External Action Guarantee agreements, which shall take into account the conditions offered to the EIB for the same type of operations and the specific needs, circumstances and nature of the eligible counterpart implementing these operations.

2. The EIB shall be eligible for implementing operations with sub-sovereign counterparts not covered under the exclusive dedicated investment window referred to in paragraph 1 and operations with the private sector. The procedure referred to in Article 35 shall be used to entrust the EIB, if appropriate, with two additional dedicated investment windows covering:

(a) a non-exclusive comprehensive risk cover for operations with commercial sub-sovereign counterparts; and (b) non-exclusive operations for the promotion of foreign direct investment, trade and the internationalisation of partner countries’ economies, providing a political risk cover for private sector operations.

3. The indicative amount for the dedicated investment windows referred to in paragraphs 1 and 2 shall be of EUR 26 725 000 000 . In implementing the dedicated investment windows referred to in paragraphs 1 and 2, the EIB shall comply with this Regulation, including its overall objectives and those of the EFSD+ and, where relevant, of the IPA III Regulation, as well as with the relevant programming documents and the reporting obligations.

4. In accordance with point (f) of Article 209(2) of the Financial Regulation, due to the nature and policy objective of the exclusive dedicated investment window referred to in paragraph 1, the relevant External Action Guarantee agreement may provide that the Union shall not be remunerated for operations under that investment window.

5. For the purpose of this Article, sub-sovereign operations shall be considered commercial unless otherwise duly justified by the EIB and confirmed by the Commission. The operations under the dedicated investment window referred to in point (b) of paragraph 2 shall be coherent with those of the export credit agencies of Member States.

6. The EIB shall be subject to the opinion of the boards laid down in Articles 33 and 34, respectively.

For EIB operations falling under the investment windows referred to in this Article, the eligibility assessment laid down in Article 35(9) shall be satisfied within the framework of the procedure provided for in Article 19 of Protocol No 5 on the Statute of the European Investment Bank, annexed to the TFEU. The EIB shall, in a timely manner, provide all information required by the Commission for that purpose. The EIB financing operations falling under those investment windows shall not be covered by the EU guarantee where the Commission delivers an unfavourable opinion under the procedure provided for in Article 19 of Protocol No 5 on the Statute of the European Investment Bank, annexed to the TFEU. All further modalities applicable to the EIB shall be established in the relevant External Action Guarantee agreements.

7. The EIB shall be eligible for implementing activities under other investment windows established under Article 35(8).

8. In compliance with this Regulation, including its objectives and principles and the relevant programming documents, as well as, where relevant, the IPA III Regulation, the Commission and the EIB shall conclude dedicated External Action Guarantee agreements for the dedicated investment windows referred to in paragraphs 1 and 2.