Article 7
1.As regards the projects to be financed by subsidized loans, the Bank shall draw up the financing proposal in accordance with the provisions of its Statute.
The Bank shall seek the opinion of the Commission, in accordance with Article 21 of its Statute, and of the Committee provided for in Article 9 of this Regulation.
2.The Commitee shall issue an opinion on the Bank's proposal. The representative of the Commission shall convey to the Committee the Commission's position on the project concerned, and in particular on its conformity with the objectives of the Protocol concluded with the country concerned and with the general guidelines adopted by the Council.
In addition, the Committee shall be informed by the Bank of non-subsidized loans which the Bank envisages granting from its own resources.
3.On the basis of that consultation, the Bank shall request the Commission to take a financing decision to grant the interest-rate subsidy for the project concerned.
4.The Commission shall submit to the MED Committee a draft decision authorizing or, where appropriate, refusing the funding of the interest-rate subsidy. The decision shall be taken in accordance with the procedure laid down in Article 6.
5.The Commission shall communicate the decision referred to in paragraph 4 to the Bank, which, where the decision grants the subsidy, may grant the loan.