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The President of the Council shall give the notification provided for in Article 16 of the Additional Protocol and in Article 13 of the Financial Protocol (2).

In order to strengthen existing links between the Contracting Parties on as wide a basis as possible and for their mutual benefit, the Community and Israel shall institute cooperation the aim of which will be to contribute to the development of Israel and the harmonious development of their economic relations.

1. For the purposes specified in Article 1, the Community will ask the European Investment Bank (hereinafter referred to as "the Bank") to make available to Israel funds of up to 30 million European units of account. This amount may be committed, for a period expiring on 31 October 1981, in the form of loans granted in accordance with the conditions, detailed rules and procedures laid down by the Bank's Statute.

2. Capital projects helping to increase productivity and to achieve complementarity between the Contracting Parties' economies, and promoting in particular the industrialization of Israel which have been submitted to the Bank by the State of Israel or, with the latter's agreement, by public or private undertaktings having their seat or a place of business in Israel shall be eligible for financing.

3.

(a) Examination of the eligibility of the projects and the granting of loans shall be undertaken in accordance with the detailed rules, conditions and procedures laid down by the Bank's Statute.

(b) The conditions governing the amortization of each loan shall be established on the basis of the economic and financial characteristics of the project to be financed.

(c) Loans will carry the same rate of interest as that applied by the Bank at the time of the signature of the loan agreement.