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Article 2 Financial contribution and specific contribution – Methods of payment

Original text. Later amendments are not shown.

1.

The financial contribution referred to in Article 7 of the Agreement shall be fixed, for the period referred to in Article 1 of this Protocol, at EUR 7 million.

2.

However, if the use of the fishing opportunities provided for in points (a) and (b) of Article 1(1) of this Protocol by EU vessels improves, the Union will grant an additional amount to Guinea-Bissau proportionate to the increase in the use of the fishing opportunities, within the limits of the fishing opportunities set by this Protocol and up to a maximum of EUR 1 million per year. The two Parties shall agree, within the Joint Committee, and no later than 3 months after the entry into force of this Protocol, to determine the reference period, the base index and the specific payment mechanisms.

3.

Paragraph 1 shall apply subject to Articles 5, 6, 7, 8, 9, 11 and 12 of this Protocol.

4.

The Union shall pay the financial contribution fixed in paragraph 1 no later than 15 March 2012.

5.

Subject to Article 8 of this Protocol, the allocation of this contribution shall be decided within the framework of the Guinea-Bissau Finance Act and the Guinea-Bissau authorities shall have full discretion regarding the use to which it is put.

6.

In addition to the amount referred to in paragraph 1, a specific contribution from the Union of EUR 500 000 per year shall be dedicated to the introduction of a health and plant-health system for fishery products. However the two Parties may, where necessary, decide to allocate part of this specific contribution to strengthening monitoring, control and surveillance in Guinea-Bissau fishing zones. This contribution shall be managed in accordance with Article 3 of this Protocol.

7.

Without prejudice to Article 3 of this Protocol, the specific contribution referred to in paragraph 6 shall be paid no later than 15 March 2012.

8.

The payments provided for in this Article shall be paid into a Public Treasury account opened at Guinea-Bissau’s central bank, the references of which shall be notified each year by the Ministry.