2370

The financial compensation referred to in Article 6 of the Agreement shall, during the period of validity of this Protocol, be fixed at ECU 37 700 000 payable annually at the beginning of each fishing year. Once the project selection procedure has been completed, t he Community shall provide the Greenland authority with a list of Community vessels selected. The Greenland authority shall promptly issue a fishing licence. The fishing licences shall be issued for a period of validity equal to the duration of the temporary joint ventures. All Community vessels shall forward to the Greenland authority a catch declaration. (7 article 5 Annexes); The Third Protoco l lays down the conditions relating to fishing provided for in the Agreement on fisheries between the European Economic Community, the Government of Denmark and the local Government of Greenland. For the purpose of Article 8a of the Agreement temporary joint ventures shall be created between Community shipowners and physical or legal persons in Greenland, with the aim of jointly fishing and exploiting Greenland fishing quotas. The Parties shall select the projects for the temporary joint venture s and joint enterprises and the projects selected by the Parties shall be eligible for financial assistance. A Joint Committee shall be set up to evaluate the projects and check that the projects are being properly administered.Implements: LEX-FAOC018059; FAO Descriptors: 110; 105; 020