Economic Community and Turkey,HAVE DESIGNATED AS THEIR PLENIPOTENTIARIES:HIS MAJESTY THE KING OF THE BELGIANS:Mr Pierre HARMEL,Minister for Foreign Affairs;THE PRESIDENT OF THE FEDERAL REPUBLIC OF GERMANY:Mr Walter SCHEEL,Minister for Foreign Affairs;THE PRESIDENT OF THE FRENCH REPUBLIC:Mr Maurice SCHUMANN,Minister for Foreign Affairs;THE PRESIDENT OF THE ITALIAN REPUBLIC:Mr Mario PEDINI,Under-Secretary of State for Foreign Affairs;HIS ROYAL HIGHNESS THE GRAND DUKE OF LUXEMBOURG:Mr Gaston THORN,Minister for Foreign Affairs;HER MAJESTY THE QUEEN OF THE NETHERLANDS:Mr J. M. A. H. LUNS,Minister for Foreign Affairs;THE COUNCIL OF THE EUROPEAN COMMUNITIES:Mr Walter SCHEEL,President in Office of the Council of the European Communities;Mr Franco Maria MALFATTI,President of the Commission of the European Communities;THE PRESIDENT OF THE TURKISH REPUBLIC:Mr Ihsan Sabri ÇAGLAYANGÍL,Minister for Foreign Affairs;WHO, having exchanged their Full Powers, found in good and due form,HAVE AGREED AS FOLLOWS:Article 1Within the framework of the Association between the European Economic Community and Turkey, the Community shall supplement Turkey's own endeavours by participating, in the manner laid down in this Protocol, in measures to promote the development of the country.Article 21. Requests for financing may be submitted to the European Investment Bank by the Turkish State, by an authority and by public or private undertakings which have their seat or a place of business in Turkey; the Bank shall notify them of the action taken on their application.2. Investment projects shall be eligible for financing where they:(a) help to increase the productivity of the Turkish economy and, in particular, aim to provide Turkey with a better economic infrastructure, higher agricultural output, and modern, efficiently-run public or private undertakings in the indiustrial and service sectors;(b) further the aims of the Agreement of Association;(c) are part of the Turkish Development Plan in force at the relevant date.3. With respect to the choice of investment projects within the framework of the above provisions:(a) only individual projects may be financed;(b) as a general rule, investment projects which are to be carried out on Turkish territory may be financed irrespective of the sectors of the economy to which they relate.4. Special consideration shall be given to projects which could serve to improve the Turkish balance of payments.Article 31. Requests which have been approved shall be financed by loans from the European Investment Bank acting on authority from the Member States of the Community.2. These loans may be granted up to an aggregate amount of 195 million units of account, which may be committed in a period expiring on 23 May 1976. Any balance outstanding at the end of that period shall be used in accordance with the provisions of this Protocol until it is exhausted.3. The funds committed each year as a result of the granting of loans shall be distributed as evenly as possible over the whole period in which this Protocol is in force. However, relatively large amounts may, within reasonable limits, be committed in the first part of this period.4. To the amount specified in paragraph 2 there shall be added the undisbursed portion of loans committed pursuant to the first Financial Protocol but cancelled before the whole or a part of the relevant payments had been made.Article 41. Requests for financing which are not submitted by the Turkish Government cannot be approved without the agreement of that Government.2. Where a loan is granted to an undertaking or to an authority other than the Turkish State, that loan shall be subject to a guarantee from the Turkish State.3. Undertakings whose risk capital comes wholly or partly from countries of the Community shall have access to the finance provided for in this Protocol on the same conditions as undertakings with Turkish capital.Article 51. Loans shall be granted on the basis of the economic features of the projects which they are to finance.2. Loans, especially those for capital investment projects, the return on which is indirect or long-term, may be granted for a maximum of thirty years, and may be redemption-free for up to eight years. The rate of interest on such loans must be not less than 2.5 % per annum.3. Loans for the financing of projects showing a normal return, which must account for not less than 30 % of the amount of the loans granted to Turkey annually, may be made on the following terms:(a) a loan period and a redemption-free period determined by the Bank, subject to the limits laid down in paragraph 2, with a view to facilitating the servicing of loans by Turkey;(b)