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143-633: Greenland's colonial status from Denmark officially ended in 1953 through an amendment of the Danish Constitution . Subsequently, Greenland was integrated as a county in the Realm of Denmark and thus became an integral part of the Kingdom of Denmark . This status granted Greenlanders the Danish citizenship . At the same time, despite the official end of colonialism, Denmark continued to follow

286-404: A "slower pace of development ". Regarding the reactions to the 1982 referendum, the Danish government declared its full support in the negotiations over Greenland's withdrawal . However, it also made clear that the Danish treasury would not give any kind of compensation payments for the loss of EC subsidies. Already one year before the referendum vote on a possible Greenlandic withdrawal from

429-595: A County of the Kingdom of Denmark, the foreign relations of Greenland as well as the governance of the island remained under control of Denmark. Denmark formally submitted its application to join the European Communities , on 10 August 1961. As a Constituency of Denmark, Greenland was fully integrated in the Danish accession process . When negotiating its accession, the Danish government managed to secure

572-657: A few isolated voices, this proposal has not been followed through in Greenlandic politics at the moment. Iceland applied for membership of the EU in 2009, and hoped for an exception to the Common Fisheries Policy , which was not given. Such an exception could have changed the opinion in Greenland, if given to them. Colonialism Colonialism is the exploitation of people and of resources by

715-434: A foreign group. Colonizers monopolize political power and hold conquered societies and their people to be inferior to their conquerors in legal, administrative, social, cultural, or biological terms. While frequently advanced as an imperialist regime, colonialism can also take the form of settler colonialism , whereby colonial settlers invade and occupy territory to permanently replace an existing society with that of

858-446: A foreign ruling state... The ruling state monopolizes political power and keeps the subordinated society and its people in a legally inferior position." He also writes, "colonialism depends first and foremost upon the declaration of sovereignty and/or territorial seizure by a core state over another territory and its inhabitants who are classified as inferior subjects rather than equal citizens." According to David Strang, decolonization

1001-574: A lot in military costs while private investors pocketed the benefits. In other cases the colonial powers managed to move the burden of administrative costs to the colonies themselves by imposing taxes. After World War I (1914–1918), the victorious Allies divided up the German colonial empire and much of the Ottoman Empire between themselves as League of Nations mandates , grouping these territories into three classes according to how quickly it

1144-403: A nation seeking to extend or retain its authority over other people or territories". The Merriam-Webster Dictionary offers four definitions, including "something characteristic of a colony" and "control by one power over a dependent area or people". The Stanford Encyclopedia of Philosophy uses the term "to describe the process of European settlement and political control over the rest of

1287-430: A number of concessions and special conditions for Greenland. These included amongst other provisions a transition period of ten years in order to protect the fishing industry of Greenland. In addition, these concessions directly referred to subject areas that were considered sensitive or problematic for Greenland. On the one hand, Denmark was granted the possibility to restrict the right of establishment in Greenland and on

1430-412: A particular large wave of decolonizations happening in the aftermath of World War II between 1945 and 1975. Colonialism has a persistent impact on a wide range of modern outcomes, as scholars have shown that variations in colonial institutions can account for variations in economic development , regime types , and state capacity . Some academics have used the term neocolonialism to describe

1573-415: A policy of cultural assimilation including discriminatory practices towards Greenlanders. A prominent example is the ‘birthplace criterion’, which granted non-Greenlandic, but Danish workers higher salaries than local Greenlandic workers. The loss of the traditional culture of Greenland together with the growing dissatisfaction of mainly young Greenlanders ultimately played a decisive role when it came to

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1716-502: A portion of possible losses from a portfolio of loans and sets the ground for additional financing. A guarantee is a legal contract with which a third party (guarantor) promises to assume a borrower's debt or other liabilities in the event of default . The European Investment Bank's advisory services are carried out by the European Advisory Hub and are available for public and private projects inside as well as outside

1859-518: A project's overall cost, for the public and the private sector, and for small and medium-sized businesses through intermediated lending partners. The EIB's private sector financing of single large investment projects or investment programmes start from €25 million. It offers framework loans starting from €100 million to public sector entities for investment programmes that consist of a number of smaller projects. Loans for both private and public sector projects have to be aligned with one or more priorities of

2002-416: A small Danish bourgeoisie . The Danish State retained control over economic as well as social policy questions. It was only in the 1970s, that a real Greenlandic young elite arose. This elite, frustrated about the Danish domination, was at the same time critical and outspoken against the Danish governance, and gradually took up political leadership. During this period, an increased ethnic consciousness on

2145-458: A system of indentured servitude. Indentured servants consented to a contract with the European colonisers. Under their contract, the servant would work for an employer for a term of at least a year, while the employer agreed to pay for the servant's voyage to the colony, possibly pay for the return to the country of origin, and pay the employee a wage as well. The employees became "indentured" to

2288-648: A trillion euros. The European Investment Fund (EIF) is the European Union's venture capital arm. It also provides guarantees for small and medium-sized enterprises (SMEs). In 2018, 25 million SMEs in the EU made up 99.8% of all non-financial enterprises, employed around 97.7 million people (66.6% of total employment) and generated 56.4% of total added value (EUR 4,357bn). The EIF supports businesses through all their stages of development; pre-seed, seed-, and start-up-phase (technology transfer, business angel financing, microfinance, early stage venture capital) to

2431-620: A wide network of commercial Banks, national Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and various providers. Within the European Commission's Investment Plan for Europe , the EIB Group and the European Investment Fund for Strategic Investments are part of a plan aimed at relieving investors of some of the risks inherent in projects. Project financing

2574-526: A withdrawal vote as a binding negotiating mandate vis-à-vis the EC. At this second EC referendum within ten years, 52% of the Greenlandic electorate voted for a withdrawal from the European Communities. The turnout at this vote cast was historically high with 74.9%. Various reasons were put forward after the vote to explain the result. First and foremost, the general aversion of the population to

2717-576: A €25 billion fund which was endorsed by the European Council as part of the overall European Union COVID-19 response package . All 27 EU Member States were invited to contribute to the fund in the form of guarantees proportional to the respective share in the bank. Using the EGF, the EIB group 'aimed to mobilise' up to €200 billion of additional financing for small and medium-sized European businesses from

2860-568: Is a not for profit organisation and provides long-term project funding, guarantees and advice to further the goals of the European Union. It is part of the European Commission's Investment Plan for Europe strategy which aims to bridge investment gaps by taking on some of the risk in projects it funds. The bank funds projects in the areas of; climate, environment, innovation and skills, infrastructure, small and medium-sized enterprises, cohesion and development as well as crises including

3003-879: Is achieved through the attainment of sovereign statehood with de jure recognition by the international community or through full incorporation into an existing sovereign state. The Times once quipped that there were three types of colonial empire: "The English, which consists in making colonies with colonists; the German, which collects colonists without colonies; the French, which sets up colonies without colonists." Modern studies of colonialism have often distinguished between various overlapping categories of colonialism, broadly classified into four types: settler colonialism , exploitation colonialism , surrogate colonialism , and internal colonialism . Some historians have identified other forms of colonialism, including national and trade forms. When colonists settled in pre-populated areas,

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3146-481: Is allocated. To explain the different colonial cases, we thus need to look first into the political institutions that shaped the economic institutions. For example, one interesting observation is "the Reversal of Fortune" – the less developed civilisations in 1500, like North America, Australia, and New Zealand, are now much richer than those countries who used to be in the prosperous civilisations in 1500 before

3289-653: Is an integral part of the constitutional basis of the European Union . On 13 March 1984, the ten member states of the European Communities signed the Greenland Treaty. Following the ratification of the Treaty by the national parliaments of all EC member states, except for Greece, which ratified it by a joint decision of Ministers of Foreign Affairs and National Economy and Finance, the Greenland Treaty entered into force on 1 February 1985, which also marks

3432-575: Is granted after preliminary screenings of the viability and the carbon emissions associated with the projects. The European Investment Bank has provided financial resources for both economic impacts of the pandemic and for health-related emergencies, the search for a vaccine against COVID-19, and solutions to slow the spread of the virus. On 26 May 2020, the EIB Board of Directors approved the Pan-European Guarantee Fund (EGF),

3575-613: Is important to emphasize that at that time there was no treaty provision for withdrawal from the European Communities . Without the willingness of the member states of the Community to react to the “withdrawal notice” and to engage in negotiations, the whole withdrawal process could potentially have been abandoned at that point. However, in February 1983, the Commission responded with a favourable opinion on Greenland's withdrawal from

3718-451: Is limited. Through intermediaries, the EIB finances micro-enterprises (0–9 employees), small enterprises (10–49 employees), medium-sized enterprises (50–249 employees), mid-caps (250-3 000 employees). In 2019 the EIB Group provided €25.52 billion in loans and other services to 386,600 SMEs and mid-caps which employ 4.4 million. As a supranational institution, the EIB focuses on economic, social and territorial cohesion and solidarity within

3861-498: Is not funded through the budget of the EU . Instead, it raises money through the international capital markets by issuing bonds. The EIB is rated triple-A, the most credit-worthy rating on the bond market, by "the Big Three" credit rating agencies: Moody's, Standard and Poor's, and Fitch. Each member state pays capital into the EIB's reserves which is broadly in line with their share of EU gross domestic product. The EIB

4004-834: Is part of InnovFin, the EU Finance for Innovators, a joint initiative of the EIB Group in cooperation with the European Commission under Horizon 2020 ). Through it the EIB Group provides direct financing to mid-caps . The group also offers venture debt financing under the European Growth Finance Facility, backed by the European Fund for Strategic Investments . The EIB Group works with a broad network of commercial Banks, national promotional Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and service providers, including in regions where access to finance

4147-771: Is the European Union's bank and is owned by the Member States of the European Union. Its role is to fund projects that achieve the aims of the European Union. Most of the EIB's activity (90%) takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the EU's development aid and cooperation policies. It is active in 140 countries which are grouped into: Enlargement countries, European Free Trade Association (EFTA) , EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa , Caribbean and Pacific, Asia and Latin America, Central Asia and

4290-454: Is the existence of colonies, which are by definition governed differently from other territories such as protectorates or informal spheres of influence." In the book, Osterhammel asks, "How can 'colonialism' be defined independently from 'colony? ' " He settles on a three-sentence definition: Colonialism is a relationship between an indigenous (or forcibly imported) majority and a minority of foreign invaders. The fundamental decisions affecting

4433-452: Is the process of improving a company's creditworthiness by taking internal and external measures. The EIB increases the protection of the senior debt, enhances the credit rating and credit quality for project finance and aims to help projects attract further private finance from institutional investors. By offering guarantees to small and medium-sized enterprises or mid-caps , the Bank covers

Withdrawal of Greenland from the European Communities - Misplaced Pages Continue

4576-606: The Naalakkersuisut , a home rule government . At the first elections of the Inatsisartut and Naalakkersuisut in 1979 , Siumut won a majority in both the legislative and executive of Greenland. While home rule implied that Greenland still remained part of the Danish Kingdom, it gave the right to Greenland to renegotiate its relationship with the European Communities. The introduction of Home Rule in 1979,

4719-578: The COVID-19 pandemic and the financial crisis of 2007–2008 . Since 1959 the European Investment Bank has signed almost 25,000 projects around the world. It funds projects both inside and outside the EU that meet one of the criteria of; in less developed regions, where projects can not be funded by individual member states and projects which benefit multiple member states. The bank aims to support sustainable economic growth both within

4862-569: The Cold War by hosting US bases. Ultimately, it was recognised that the culture, geographic location, economic structure and many other features of Greenland were so distinct from other EC member states, that the 'precedent argument' did not apply. Regarding the position of Greenland on the withdrawal negotiations, it was emphasized that EC fishermen should not have unconditional access to Greenland fishing waters, but that they had to pay for licenses. Further, but less controversial, requests concerned

5005-528: The Dutch East Indies (later Indonesia ) the vast majority of "Dutch" settlers were in fact Eurasians known as Indo-Europeans , formally belonging to the European legal class in the colony. Activity that could be called colonialism has a long history, starting at least as early as the ancient Egyptians . Phoenicians , Greeks , and Romans founded colonies in antiquity . Phoenicia had an enterprising maritime trading-culture that spread across

5148-616: The European Development Fund and the European Investment Bank . Overall, in terms of capital and trade, the OCT status was thus considered more advantageous for Greenland than Faroe Status . Since the Danish government had already declared before the Greenland referendum that it would accept the result as a definitive outcome, the Greenlandic government's request to launch its EC withdrawal negotiations

5291-498: The European Investment Bank went into areas unrelated to fisheries, such as education, enterprises or projects in the field of energy resources. In comparison with other EC regions in need, Greenland received by large the biggest amount per capita, of which some of the amounts were compensation for EC fishing rights in Greenland waters and loans. Finally, with its accession to the Communities, Denmark reserved one of its seats in

5434-543: The European Parliament to a person from Greenland, and allowed an observer from Greenland to accompany the Danish Council member. Despite these concessions and positive rights granted to Greenland, there remained a strong opposition in Greenland against the EC membership. It was characterized by a sentiment that its entry into the European Communities was forced by a majority of Danish voters and at

5577-1058: The European Regional Development Fund (ERDF), the European Agricultural Fund for Rural Development (EAFRD), the European Social Fund Plus (ESF+), the European Maritime, Fisheries and Aquaculture Fund (EMFAF), and the Asylum, Migration and Integration Fund (AMIF). Apart from financing projects using its own resources, the European Investment Bank establishes mandates and partnerships which help to fund riskier projects and to blend loans with grants ; which are disbursed funds or products that do not require repayment. Mandates can also involve financial investment and can be based on technical and financial advice. The EIB has partnerships with organisations across

5720-538: The Home Rule Act was submitted to Greenlandic voters and adopted with a majority of 70.1% of the votes cast. Home rule, which was consequently introduced on 1 May 1979, set the basis for the future autonomy of Greenland over a vast number of topics including economic and social development as well as the establishment of own political structures including the Inatsisartut , a legislative assembly , and

5863-987: The Scramble for Africa . The world's colonial population at the outbreak of the First World War (1914) – a high point for colonialism – totalled about 560 million people, of whom 70% lived in British possessions, 10% in French possessions, 9% in Dutch possessions, 4% in Japanese possessions, 2% in German possessions, 2% in American possessions, 3% in Portuguese possessions, 1% in Belgian possessions and 0.5% in Italian possessions. The domestic domains of

Withdrawal of Greenland from the European Communities - Misplaced Pages Continue

6006-722: The mestizos of the Americas, as well as racially divided populations such as those found in French Algeria or in Southern Rhodesia . In fact, everywhere where colonial powers established a consistent and continued presence, hybrid communities existed. Notable examples in Asia include the Anglo-Burmese , Anglo-Indian , Burgher , Eurasian Singaporean , Filipino mestizo , Kristang , and Macanese peoples . In

6149-531: The remainers recalled the importance of the EC funding for the development of the Greenlandic economy . The referendum on Greenland's staying in or withdrawal from the European Communities took place on 23 February 1982. Although under the Danish Constitution only a consultative referendum was possible, the Danish government has made it clear prior to the vote cast that they would accept

6292-430: The 10 years of membership. While in 1972 more than 70% were against EC membership, in 1982 the majority shrank to 52%. Overall, according to scholars such as Johanson and Lehmann Sørensen, the outcome of the referendum revealed that Greenlanders were ready to pay the price of withdrawal, which implied not only the loss of the financial support coming from the Communities as a member but in the long run might also result in

6435-523: The 16th century. The British, French and Dutch joined in the slave trade in subsequent centuries. The European colonial system took approximately 11 million Africans to the Caribbean and to North and South America as slaves. Abolitionists in Europe and Americas protested the inhumane treatment of African slaves, which led to the elimination of the slave trade (and later, of most forms of slavery) by

6578-656: The 9th century Vikings ( Norsemen ) such as Leif Erikson established colonies in Britain, Ireland, Iceland, Greenland, North America, present-day Russia and Ukraine, France (Normandy) and Sicily. In the 9th century a new wave of Mediterranean colonisation began, with competitors such as the Venetians , Genovese and Amalfians infiltrating the wealthy previously Byzantine or Eastern Roman islands and lands. European Crusaders set up colonial regimes in Outremer (in

6721-617: The Americas with the Spanish American wars of independence (1808–1833). Empire-builders established several new colonies after this time, including in the German colonial empire and Belgian colonial empire . Starting with the end of the French Revolution European authors such as Johann Gottfried Herder , August von Kotzebue , and Heinrich von Kleist prolifically published so as to conjure up sympathy for

6864-399: The Bank offers Green Bonds and Sustainability Awareness Bonds. The European Investment Bank issued the first Green Bond in 2007, called a Climate Awareness Bond. The EIB is the global leader of Green Bonds issuance with over EUR 30.8bn raised in 2020 across 16 currencies. With the money raised through Green Bonds, the EIB exclusively supports projects that contribute to climate action in

7007-738: The Bering Strait. From the 1860s onwards the Empire of Japan modelled itself on European colonial empires and expanded its territories in the Pacific and on the Asian mainland. The Empire of Brazil fought for hegemony in South America. The United States gained overseas territories after the 1898 Spanish–American War , hence, the coining of the term " American imperialism ". In the late 19th century, many European powers became involved in

7150-711: The COVID-19 pandemic It also expanded its partnership with the United Nations Development Programme and increased cooperation with the Association of European Development Finance Institutions to assist impacted businesses in developing countries, providing financing for €280 million partnered with the World Health Organization to finance health care projects in 10 African countries. Since its foundation in 1958,

7293-401: The Commission's opinion, he “met widespread opposition against granting favourable OCT status to a withdrawing EC member”. The main arguments voiced by EC member states against a beneficial OCT status without major commitments from the side of Greenland were that this would set a precedent for regions in other member states to request home rule or even autonomy and subsequently a withdrawal from

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7436-413: The Danish dominance, a Home-Rule Committee consisting of only Greenlandic members was set up in 1973 with the mission to propose preliminary guidelines for a possible system of home rule for Greenland. The concrete formulation of a home rule system was subsequently addressed by a Danish-Greenland Home-Rule Commission in 1975. These political developments in the early 1970s also resulted in the creation of

7579-399: The Danish vote on the EC question. The Faroe Islands wished to stay outside the European Communities and, thus, never joined them. Denmark's accession to the European Communities on 1 January 1973 also entailed the access to Community funds , which were substantial for Greenland. In addition to investments in infrastructure projects, a considerable amount of Community funding including from

7722-501: The EC and its request of OCT status “with certain specific provisions”. Whereas, it is put forward that the EC “had hardly any other choice than to agree to negotiations”, the position regarding future EU-Greenland relations and most particularly OCT status was not uncontroversial at the time. When the Irish Commissioner , Richard Burke , visited a number of EC capitals in the end of 1982 and early 1983, in order to draft

7865-589: The EC membership by the voters of Greenland was not only interpreted as a clear voice against the European Communities, but also as a strong rejection of the dominance of any foreign power. Nevertheless, despite the clear rejection in Greenland, the island joined the European Communities as part of Denmark on 1 January 1973. In this regard, the Greenlandic case differed from the Faroe Islands . The Faroe Islands attained home rule status in 1948, which, according to Danish legislation, allowed them not to be part of

8008-444: The EC membership. Finally, the introduction of home rule less than three years before the referendum and, linked to this, the increased perception of political ownership in Greenland are additional reasons which can explain the outcome of the 1982 vote. However, as compared to the 1972 referendum, the results of the 1982 vote show that despite these factors, the popularity of the European Communities had nonetheless risen considerably in

8151-463: The EC played a crucial role. The EC were seen as far-away, supranational institutions, which not only showed little consideration of Greenland's interests but in some instances actively overruled them - giving echoes of colonial times. Other causes put forward include the sensitivity among the Greenlandic population over issues concerning fisheries and the independent control over their raw materials , which were both considered to be threatened through

8294-401: The EC, exit was seen as a natural and important first step after the introduction of home rule for Greenland to shape its future. Siumut was supported by Inuit Ataqatigiit . Both argued that the EC membership constituted a threat to Greenland's political and cultural identity and they demanded that control over the Greenlandic fishing industry be regained from the EC bodies. Atassut on

8437-406: The EC. Also the European Commission was relatively reluctant to create a precedent arguing that “exit should not benefit a country voluntarily asking to leave”. The Danish government's counter-argument was that “Greenland should not benefit but should also not be punished for leaving”. Furthermore, it also argued that Greenland should enjoy more leeway given the vital strategic role it assumed during

8580-422: The EIB provides direct quasi-equity financing to support companies aiming for financing to grow which involves venture debt products for European companies in the field of biotech and life sciences , software and ICT , engineering and automation , renewables and clean technology . These investments, which are a relatively recent addition to the bank's work, tend to be smaller than its previous limits on

8723-730: The EIB. Besides direct debt financing or project finance for the private sector, the EIB makes loans to intermediaries including Groupe BPCE (France), Deutsche Bank AG (Germany), or Intesa Sanpaolo (Italy) that provide small and medium-sized businesses with local and targeted funds up to €12.5 million and below the EIB's threshold for direct private financing of €25 million. The European Investment Bank invests and co-invests in companies and funds that focus on infrastructure, environment, or small- and medium-sized enterprises and mid-size corporations in exchange for equity which allows companies to raise capital by selling shares for short term costs or to achieve long-term financial goals. In some cases,

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8866-496: The European Commission or other public authorities, from the European Investment Bank or at its own risk. In 2012, the EIB Institute was created to promote and support social, cultural, and academic initiatives with European stakeholders and the public at large. It works on community and citizenship for the EIB Group. The EIB Institute is an integral part of the EIB and does not have a separate legal personality. The EIB

9009-547: The European Communities, the question of the options for future EU-Greenland relations was discussed in Greenland. The options on the table included on the one hand a status similar to the one of the Faroe Islands and on the other hand OCT status . OCT status was a special arrangement, created under the Rome Treaty (Articles 131–136) in 1957 for overseas countries and territories of EC member states. In August 1981,

9152-402: The European Investment Bank (EIB) and the European Investment Fund (EIF) and the EIB Institute. 90% the European Investment Bank's activity takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the European Union's development aid and cooperation policies. It is active in some 140 countries throughout

9295-446: The European Investment Bank has supported the development of infrastructure for both EU Member States and third countries. In 2019, the EIB provided €15.74 billion to support infrastructure projects. The EIB supports infrastructure projects involving; sustainable transport ; energy efficiency , urban development, digital networks, social housing and key public buildings, cultural heritage and water and wastewater management. The bank

9438-416: The European Union at the time of the country's accession to the European Union. Following Brexit and the withdrawal of the United Kingdom from the European Union, the European Investment Bank's board of governors decided that the remaining Member States would proportionally increase their capital subscriptions to maintain the same level of overall subscribed capital (EUR 243.3 billion). As of March 2020,

9581-474: The European Union. Besides advice on specific investment mechanisms or market development, the services can involve strategic and technical guidance on completing a project. Prior to a funding agreement with the EIB or other investors, future clients can make use of the bank's expertise in the fields of financial structuring, procurement and regulation, or impact assessment, e.g. regarding a project's implications on climate change. It does not offer advice related to

9724-450: The Levant , 1097–1291) and in the Baltic littoral (12th century onwards). Venice began to dominate Dalmatia and reached its greatest nominal colonial extent at the conclusion of the Fourth Crusade in 1204, with the declaration of the acquisition of three octaves of the Byzantine Empire. The European early modern period began with the Turkish colonization of Anatolia . After the Ottoman Empire conquered Constantinople in 1453,

9867-420: The Mediterranean from 1550 BC to 300 BC; later the Persian Empire and various Greek city-states continued on this line of setting up colonies. The Romans would soon follow, setting up coloniae throughout the Mediterranean, in North Africa, and in Western Asia. Beginning in the 7th century, Arabs colonized a substantial portion of the Middle East, North Africa, and parts of Asia and Europe. From

10010-439: The Member States of the European Union and externally. Because of its AAA credit rating in the international markets the EIB is able to borrow and lend at low rates. The bank pursues the objectives of the European Union by providing long-term project funding, as well as guarantees and advice. The EIB Group (European Investment Bank and European Investment Fund) supports companies, small businesses and start-ups by cooperating with

10153-409: The Member States of the European Union and outside the EU. The EIB prioritises projects addressing inequalities by providing jobs and education, public infrastructure and services, a sustainable environment across the European Union. The EIB's annual target for cohesion financing is 30% of all new operations in the EU, Pre-Accession and EFTA countries which amounted to €16.13 billion in 2019. In 2023,

10296-554: The Union. Financial instruments co-funded by EU shared management funds, such as loans, guarantees, and equity investments, are efficient ways to invest in growth and development across the European Union. These instruments leverage public funding to attract additional private investments, contributing to EU policy objectives like economic growth, job creation, and social cohesion. fi-compass offers tailored advice on using financial instruments under various EU shared management funds, including

10439-532: The United Kingdom, and the United States abstained). The word " neocolonialism " originated from Jean-Paul Sartre in 1956, to refer to a variety of contexts since the decolonisation that took place after World War II . Generally it does not refer to a type of direct colonisation – rather to colonialism or colonial-style exploitation by other means. Specifically, neocolonialism may refer to

10582-600: The United Kingdom. As an independent body the bank takes its own borrowing and lending decisions. It cooperates with other EU institutions, especially the European Commission , the European Parliament , and the Council of the European Union . The EIB lends to both the private and the public sector through various financial products: Financing is the Bank's main activity, it also provides guidance on how to utilise additional sources of investment. The European Investment Bank provides long-term loans , typically up to 50% of

10725-572: The aim of contributing to stable growth within the Member States of the European Union, emerging markets and developing countries. Since 2010 the EIB financing outside the European Union reached €69.6 billion. In 2020 the European Investment Bank Group has offered loans to more than 100 countries, financed vaccines, diagnostics and treatments and invested €1.7 billion to help the Western Balkan countries recover from

10868-407: The areas of climate, environment, small and medium-sized enterprises (SMEs), development, cohesion and infrastructure. It has played a large role in providing finance during crises including the 2008 financial crash and the COVID-19 pandemic. Over 60 years since its inception in 1958 to 2018 the EIB has invested over 1.1 trillion euros. It primarily funds projects that "cannot be entirely financed by

11011-654: The armies of all three empires, Mocha coffee to Delhi and Belgrade , Persian silk to India and Istanbul . Aztec civilisation developed into an extensive empire that, much like the Roman Empire, had the goal of exacting tribute from the conquered colonial areas. For the Aztecs, a significant tribute was the acquisition of sacrificial victims for their religious rituals. On the other hand, European colonial empires sometimes attempted to channel, restrict and impede trade involving their colonies, funneling activity through

11154-418: The belief of a Christian mission . Because of this broad impact different instances of colonialism have been identified from around the world and in history, starting with when colonization was developed by developing colonies and metropoles , the base colonial separation and characteristic. Decolonization , which started in the 18th century, gradually led to the independence of colonies in waves, with

11297-748: The birth of the Dutch Empire and French colonial empire , as well as the English overseas possessions , which later became the British Empire . It also saw the establishment of Danish overseas colonies and Swedish overseas colonies . A first wave of separatism started with the American Revolutionary War (1775–1783), initiating the Rise of the "Second" British Empire (1783–1815). The Spanish Empire largely collapsed in

11440-416: The colonial era. Indentured servants from India travelled to British colonies in Asia, Africa and the Caribbean, and also to French and Portuguese colonies, while Chinese servants travelled to British and Dutch colonies. Between 1830 and 1930, around 30 million indentured servants migrated from India, and 24 million returned to India. China sent more indentured servants to European colonies, and around

11583-522: The colonial powers had a total population of about 370 million people. Outside Europe, few areas had remained without coming under formal colonial tutorship – and even Siam , China , Japan , Nepal , Afghanistan , Persia , and Abyssinia had felt varying degrees of Western colonial-style influence – concessions , unequal treaties , extraterritoriality and the like. Asking whether colonies paid, economic historian Grover Clark (1891–1938) argues an emphatic "No!" He reports that in every case

11726-510: The colonised peoples can also have a powerful influence on the imperial country. With respect to international borders, Britain and France traced close to 40% of the entire length of the world's international boundaries. Economic expansion, sometimes described as the colonial surplus , has accompanied imperial expansion since ancient times. Greek trade networks spread throughout the Mediterranean region while Roman trade expanded with

11869-598: The colonists came, like the Mughals in India and the Incas in the Americas. One explanation offered by the paper focuses on the political institutions of the various colonies: it was less likely for European colonists to introduce economic institutions where they could benefit quickly from the extraction of resources in the area. Therefore, given a more developed civilisation and denser population, European colonists would rather keep

12012-407: The colonized socio-economically othered and subaltern through modern biopolitics of sexuality , gender , race , disability and class , among others, resulting in intersectional violence and discrimination . Colonialism has been justified with beliefs of having a civilizing mission to cultivate land and life, based on beliefs of entitlement and superiority, historically often rooted in

12155-449: The colonizers, possibly towards a genocide of native populations . Colonialism developed as a concept describing European colonial empires of the modern era , which spread globally from the 15th century to the mid-20th century, spanning 35% of Earth 's land by 1800 and peaking at 84% by the beginning of World War I . European colonialism employed mercantilism and chartered companies , and established coloniality , which keeps

12298-428: The community. On 2 October 1972, the Danish government submitted the question of accession to the European Communities to its electorate. The inhabitants of Greenland were also called to the polls . While at Danish national level, 63.5% of the voters voted in favour of joining the Communities, in Greenland, however, the referendum resulted in a clear rejection of the EC by 70.8% of the voters. The clear rejection of

12441-652: The continuation or imposition of elements of colonial rule through indirect means in the contemporary period. Colonialism is etymologically rooted in the Latin word " Colonus ", which was used to describe tenant farmers in the Roman Empire . The coloni sharecroppers started as tenants of landlords, but as the system evolved they became permanently indebted to the landowner and trapped in servitude. The earliest uses of colonialism referred to plantations that men emigrated to and settled. The term expanded its meaning in

12584-514: The development and commercialisation of new products, economic processes and business models, increased investment in research and development, education, upskilling and training and improved connectivity and access through broadband and mobile networks. In addition; the adoption and diffusion of digital and other emerging technologies and empowering women's participation in the labour market. The EIB Group finances sustainable projects and supports investments that reduce poverty and inequality aims with

12727-424: The difficulty of consistently distinguishing between the two terms, this entry will use colonialism broadly to refer to the project of European political domination from the sixteenth to the twentieth centuries that ended with the national liberation movements of the 1960s". In his preface to Jürgen Osterhammel 's Colonialism: A Theoretical Overview , Roger Tignor says "For Osterhammel, the essence of colonialism

12870-731: The early 19th century played a part in ending slave-taking and slave-keeping among the indigenous Māori . On the other hand, British colonial administration in Southern Africa , when it officially abolished slavery in the 1830s, caused rifts in society which arguably perpetuated slavery in the Boer Republics and fed into the philosophy of apartheid . The labour shortages that resulted from abolition inspired European colonisers in Queensland, British Guaiana and Fiji (for example) to develop new sources of labour, re-adopting

13013-420: The early 20th century to primarily refer to European imperial expansion and the imperial subjection of Asian and African peoples. Collins English Dictionary defines colonialism as "the practice by which a powerful country directly controls less powerful countries and uses their resources to increase its own power and wealth". Webster's Encyclopedic Dictionary defines colonialism as "the system or policy of

13156-447: The employer because they owed a debt back to the employer for their travel expense to the colony, which they were expected to pay through their wages. In practice, indentured servants were exploited through terrible working conditions and burdensome debts imposed by the employers, with whom the servants had no means of negotiating the debt once they arrived in the colony. India and China were the largest source of indentured servants during

13299-438: The existing economic systems than introduce an entirely new system; while in places with little to extract, European colonists would rather establish new economic institutions to protect their interests. Political institutions thus gave rise to different types of economic systems, which determined the colonial economic performance. European colonisation and development also changed gendered systems of power already in place around

13442-539: The financial losses a withdrawal from the European Communities would bring about, as this would ultimately end the large EC funding. Overall, the campaign surrounding the second EC referendum in 1981 and early 1982 was not only lengthy and expensive, but also unusually harsh and bitter by Greenlandic standards, which was echoed in an atmosphere of anger and disappointment among Greenlanders. The arguments used by both supporters and opponents were mainly economic. The leavers called for an independent fisheries policy, whereas

13585-415: The first political parties in Greenland. Within a short time, a diverse party landscape has emerged. The Siumut party (meaning “Forward”) was the first and since the very beginning most powerful party. Founded in 1975, it strongly advocated for self-governance, the introduction of home rule and the withdrawal from the European Communities. The second party to enter the political scene shortly thereafter

13728-537: The first carbon-neutral continent by 2050. It finances projects that; limit global warming to 1.5 °C by the end of the decade, fight environmental degradation , stop biodiversity loss and address inequalities caused by climate change. In 2019, the European Investment Bank Group financed projects for €19.3 billion to fight climate change. Since 2000, the EIB has financed projects which include skills development with more than €210 billion of investment, including €14.4 billion in 2019. This support targeted/aimed at;

13871-404: The formal date of withdrawal of Greenland from the European Communities. Three decades after Greenland's withdrawal from the European Communities, a minority of Greenlandic politicians and business leaders recently suggested that a re-entry of Greenland into the European Union should be considered. This could above all help to diversify Greenland's economy outside the fisheries sector. Apart from

14014-728: The goals and principles of the Paris Agreement by the end of 2020. In November 2020, the EU member states approved the EIB Group Climate Bank Roadmap 2021–2025 that outlines its upcoming contributions to the European Green Deal and to sustainable development outside the EU. By the end of 2021, the EIB will stop financing all fossil fuel projects. The EIB contributes to the European Green Deal which aims for Europe to become

14157-558: The government of Greenland, the Naalakkersuisut , declared that it would opt for an OCT status. This guaranteed a “certain degree of economic integration into the common market” and most importantly “tariff-free access to the Common Market for export of fish and fish products”. Additionally, through the OCT status the territories and countries concerned could benefit from the special financial aids and loans granted through

14300-528: The growth and development segment (formal venture capital funds, mezzanine funds, portfolio guarantees/credit enhancement). The European Investment Bank is the EIF's majority shareholder, holding 62% of shares. The other main shareholder is the European Commission, which holds 29% of shares. The EIF operates on the basis of specific mandates from the European Council and the European Parliament, from

14443-481: The huge discrepancies in previous European colonies, for example, between West African colonies like Sierra Leone and Hong Kong and Singapore . According to the paper, economic institutions are the determinant of the colonial success because they determine their financial performance and order for the distribution of resources. At the same time, these institutions are also consequences of political institutions – especially how de facto and de jure political power

14586-401: The international capital markets. The EIB issues bonds to borrow money on capital markets which it then lends to its clients, which is a common way for governments and corporations to borrow money. Both parties agree on a fixed date when the loan is due to be paid back usually including an interest rate. The EIB's bonds are purchased by retail investors and institutional investors around

14729-646: The late 19th century. One (disputed) school of thought points to the role of abolitionism in the American Revolution : while the British colonial metropole started to move towards outlawing slavery, slave-owning elites in the Thirteen Colonies saw this as one of the reasons to fight for their post-colonial independence and for the right to develop and continue a largely slave-based economy. British colonising activity in New Zealand from

14872-415: The lives of the colonised people are made and implemented by the colonial rulers in pursuit of interests that are often defined in a distant metropolis. Rejecting cultural compromises with the colonised population, the colonisers are convinced of their own superiority and their ordained mandate to rule. According to Julian Go, "Colonialism refers to the direct political control of a society and its people by

15015-402: The metropole and taxing accordingly. Despite the general trend of economic expansion, the economic performance of former European colonies varies significantly. In "Institutions as a Fundamental Cause of Long-run Growth", economists Daron Acemoglu , Simon Johnson and James A. Robinson compare the economic influences of the European colonists on different colonies and study what could explain

15158-487: The one hand and a political awareness of their country on the other hand emerged among the Greenlanders. This led to a political awakening through which the Greenlandic population became more determined about shaping the future of their own society. The first EC referendum in 1972 constituted a key moment and turning point in the political history of Greenland. As a reaction towards the strongly voiced criticism over

15301-525: The oppressed native peoples and the slaves of the new world, thereby starting the idealization of native humans. The Habsburg monarchy , the Russian Empire , and the Ottoman Empire existed at the same time but did not expand over oceans. Rather, these empires expanded through the conquest of neighbouring territories. There was, though, some Russian colonization of North America across

15444-412: The other hand Greenland received exceptions with regards to fisheries. However, even though Greenlandic fisherman were allocated a fairly high quota corresponding to their actual fishing capacity, there was a strong discontentment with the fishing quotas that were allocated to fishermen from other EC countries, such as Germany. This later developed into one of the main reasons for Greenland's withdrawal from

15587-462: The other hand also called for an end of the exploitation of Greenland's fisheries by the European Communities, but was against Greenland leaving the EC. The party suggested to renegotiate with the Community its membership provisions on fishing and argued that only a close cooperation with the countries of the European Communities allows Greenland to successfully complete its process of modernization. Atassut strongly emphasized in its arguments for remain

15730-527: The post–World War II period. The term "neocolonialism" became popular in ex-colonies in the late 20th century. While colonies of contiguous empires have been historically excluded, they can be seen as colonies. Contemporary expansion of colonies is seen by some in case of Russian imperialism and Chinese imperialism . There is also ongoing debate in academia about Zionism as settler colonialism . The impacts of colonisation are immense and pervasive. Various effects, both immediate and protracted, include

15873-578: The primary goal of directing tribute from the colonised areas towards the Roman metropole. According to Strabo , by the time of emperor Augustus , up to 120 Roman ships would set sail every year from Myos Hormos in Roman Egypt to India. With the development of trade routes under the Ottoman Empire , Gujari Hindus, Syrian Muslims, Jews, Armenians, Christians from south and central Europe operated trading routes that supplied Persian and Arab horses to

16016-425: The private sector. European Union companies are eligible to seek financing from the Pan-European Guarantee Fund if they have financial issues due to the economic implication of the COVID-19 pandemic but could have been able to secure loans under pre-crisis circumstances. In December 2019, the European Investment Bank signed a €50 million loan to help BioNTech work on cancer treatments. A new loan worth €100 million

16159-405: The purchase or sale of securities or any advisory services regarding project evaluation and audit. fi-compass is a comprehensive advisory service platform developed by the European Commission and the European Investment Bank (EIB) Group. It supports EU shared management managing authorities and other stakeholders by providing practical know-how and learning tools on financial instruments across

16302-449: The question of Greenland's independence movement , both from Denmark and the European Communities. In the years following its decolonization , Greenland's economy continued to be very dependent on the fishing sector . Denmark was directly involved in the establishment of a real fishing industry including manufacturing of fishing products. Despite various attempts, other sectors of the economy did not develop much during that time. As

16445-500: The renewable energy sector (including wind , hydroelectric , solar and geothermal energy production) and the energy efficiency sector (e.g. projects for district heating , co-generation, and building insulation). The European Investment Bank's has capital from its shareholders, the Member States of the European Union. Each Member State is subscribed in capital based on its economic weight (expressed in Gross domestic product ) within

16588-516: The rights of establishment, underground resources and “Inuit circumpolar co-operation”. The final revision of the treaty and thereby the withdrawal conditions for Greenland from the European Communities were decided by the Council in Brussels on 13 March 1984. The so-called “Greenland Treaty” comprised the following provisions: The Additional Protocol on special arrangements for Greenland, which

16731-583: The rise of Siumut as the dominating party of Greenland following an anti-EC narrative, as well as the imminent end of the 10 years transition period as EC member gave a new impetus to the question over Greenland's remaining or possible withdrawal from the European Communities. In Spring 1981, the Greenlandic Inatsisartut unanimously agreed to hold a second, consultative referendum on the Community question in February 1982. For Siumut , which strongly campaigned in favour of withdrawing from

16874-411: The rise of European colonialism came a large push for development and industrialisation of most economic systems. When working to improve productivity, Europeans focused mostly on male workers. Foreign aid arrived in the form of loans, land, credit, and tools to speed up development, but were only allocated to men. In a more European fashion, women were expected to serve on a more domestic level. The result

17017-473: The same proportion returned to China. European Investment Bank The European Investment Bank (EIB) is the European Union 's investment bank and is owned by the 27 member states. It is the largest multilateral financial institution in the world. The EIB finances and invests both through equity and debt solutions companies and projects that achieve the policy aims of the European Union through loans, equity and guarantees. The EIB focuses on

17160-408: The same time by a strong reluctance vis-à-vis the Community due to its fishery policy and general perception of the EC being too far away and not attentive towards Greenland's concerns and desires. Until the 1970s Greenland was solely governed by the Danish state. The decolonization process was administered through top-down decisions, which were agreed in the capital and implemented in Greenland by

17303-736: The sea routes discovered by Portuguese Prince Henry the Navigator (1394–1460) became central to trade , and helped fuel the Age of Discovery . The Crown of Castile encountered the Americas in 1492 through sea travel and built trading posts or conquered large extents of land. The Treaty of Tordesillas divided the areas of these "new" lands between the Spanish Empire and the Portuguese Empire in 1494. The 17th century saw

17446-678: The size of its deals, because they are aimed at startups and growth companies. The European Investment Fund (EIF) supports the EIB by working with SMEs and related financial partners (Banks, guarantee, leasing and microfinance institutions, private equity and venture capital funds etc.). The EIB's investments in equity and debt funds usually cover 10% to 20% of the fund size (with a maximum of 25%) and address climate action, infrastructure, or private sector development and social impact goals. The EIB provides credit enhancement of senior debt using subordinated financing , funded or unfunded guarantees and contingent credit lines. Credit enhancement

17589-444: The societies and cultures of the people in those areas permanently changed. Colonial practices directly and indirectly forced the colonized peoples to abandon their traditional cultures. For example, European colonizers in the United States implemented the residential schools program to force native children to assimilate into the hegemonic culture. Cultural colonialism gave rise to culturally and ethnically mixed populations such as

17732-423: The spread of virulent diseases , unequal social relations , detribalization , exploitation , enslavement , medical advances , the creation of new institutions, abolitionism , improved infrastructure, and technological progress. Colonial practices also spur the spread of conquerors' languages, literature and cultural institutions, while endangering or obliterating those of Indigenous peoples. The cultures of

17875-449: The subscribed capital of the EIB has increased by an additional EUR 5.5 billion, following the decision by two Member States to increase their capital subscriptions ( Poland and Romania ). The EIB's total subscribed capital now amounts to EUR 248.8 billion. The departure of the UK from the EU did not impact the EIB Group's AAA credit rating. The EIB Group was formed in 2000. It is composed of

18018-472: The support cost, especially the military system necessary to support and defend colonies, outran the total trade they produced. Apart from the British Empire, they did not provide favoured destinations for the immigration of surplus metropole populations. The question of whether colonies paid is a complicated one when recognizing the multiplicity of interests involved. In some cases colonial powers paid

18161-615: The theory that former or existing economic relationships, such as the General Agreement on Tariffs and Trade and the Central American Free Trade Agreement , or the operations of companies (such as Royal Dutch Shell in Nigeria and Brunei ) fostered by former colonial powers were or are used to maintain control of former colonies and dependencies after the colonial independence movements of

18304-420: The various means available in the individual Member States". The EIB is one of the biggest financiers of green finance in the world. In 2007, the EIB became the first institution in the world to issue green bonds . In 2019 it committed to stop funding fossil fuel projects by the end of 2021. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition . The EIB

18447-644: The war significantly weakened the major colonial powers, and they quickly lost control of colonies such as Singapore, India, and Libya. In addition, the United Nations shows support for decolonisation in its 1945 charter . In 1960, the UN issued the Declaration on the Granting of Independence to Colonial Countries and Peoples , which affirmed its stance (though notably, colonial empires such as France, Spain,

18590-414: The world in the following geographical areas: Enlargement countries , European Free Trade Association (EFTA) , EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom. It is one of the largest supranational lenders in the world. Since its establishment in 1958, the European Investment Bank has invested over

18733-540: The world, including the European Commission and European External Action Service , the United Nations (e.g. Sustainable Energy for All ) or the International Fund for Agricultural Development . The European Investment Bank is a not for profit organisation. While it is a European Union body, none of the European Investment Bank's funds come from the European Union budget, the bank is financially autonomous. It has its own resources and money raised through

18876-438: The world, including the Americas, Australia, and parts of Africa and Asia". It discusses the distinction between colonialism, imperialism and conquest and states that "[t]he difficulty of defining colonialism stems from the fact that the term is often used as a synonym for imperialism. Both colonialism and imperialism were forms of conquest that were expected to benefit Europe economically and strategically," and continues "given

19019-421: The world. The EIB focuses on long-term investment and is triple-A rated by Moody's , Standard and Poor's , and Fitch . This allows the Bank to borrow money at lower rates to then lend it at lower rates to projects inside and outside Europe that foster EU policy objectives. In addition to benchmark bonds, public bonds, and private placements that vary in terms of size, currencies, maturities, and structures,

19162-509: The world. In many pre-colonialist areas, women maintained power, prestige, or authority through reproductive or agricultural control. For example, in certain parts of sub-Saharan Africa women maintained farmland in which they had usage rights. While men would make political and communal decisions for a community, the women would control the village's food supply or their individual family's land. This allowed women to achieve power and autonomy, even in patrilineal and patriarchal societies. Through

19305-496: The world. It makes around 10% of its investments outside the EU to support the European Union's development aid and cooperation policies. The EIB has been criticised and caused controversy for various actions and inactions of its own (or projects it funded), including: insufficient stakeholder consultation, lack of organisational transparency, climate change response, defense and promotion of vegetarian and vegan values, tax avoidance, and staff harassment. The European Investment Bank

19448-552: Was Atassut (“the Connecting Link”), which also favoured home rule for Greenland but opted for a unified approach towards Denmark and preferred to maintain the status quo, i.e. to remain in the Kingdom of Denmark. The third, but by far smallest political party at that time, was Inuit Ataqatigiit (“Human/Inuit Brotherhood”). It followed the most radical line of national self-determination and called for complete independence on Greenland. Ultimately, on 17 January 1979,

19591-464: Was a technologic, economic, and class-based gender gap that widened over time. Within a colony, the presence of extractive colonial institutions in a given area has been found have effects on the modern day economic development, institutions and infrastructure of these areas. European nations entered their imperial projects with the goal of enriching the European metropoles. Exploitation of non-Europeans and of other Europeans to support imperial goals

19734-598: Was acceptable to the colonisers. Two outgrowths of this imperial agenda were the extension of slavery and indentured servitude. In the 17th century, nearly two-thirds of English settlers came to North America as indentured servants. European slave traders brought large numbers of African slaves to the Americas by sail. Spain and Portugal had brought African slaves to work in African colonies such as Cape Verde and São Tomé and Príncipe , and then in Latin America, by

19877-643: Was approved in June 2020 to support the company's vaccine trials and manufacturing. BioNTech's COVID-19 vaccine was approved for use by the UK drug regulators in December 2020. The EIB Group, is one of the world's main financiers of climate action. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition . As the EU's climate Bank, the European Investment Bank Group committed in November 2019 to align its activities with

20020-407: Was attached to the Greenland Treaty, included the following articles: Overall, the treaty granted Greenland to keep its financial contribution and fishing rights and to enjoy tariff free access of fishing products to the EU, provided that a satisfactory agreement was found on fisheries. The Treaty arranged for the exit of Greenland and amended earlier treaties of the European Communities. As such, it

20163-515: Was deemed that they could prepare for independence. The empires of Russia and Austria collapsed in 1917–1918, and the Soviet empire started. Nazi Germany set up short-lived colonial systems ( Reichskommissariate , Generalgouvernement ) in Eastern Europe in the early 1940s. In the aftermath of World War II (1939–1945), decolonisation progressed rapidly. The tumultuous upheaval of

20306-479: Was founded by the Treaty of Rome , which came into force on 1 January 1958. It was the first of the world's regional development banks and is sometimes referred to as the largest multilateral development bank (MDB). The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU's internal market. The EIB is active in 140 countries throughout

20449-504: Was mainly a formality. However, on the basis of the EC treaties, it was still the Government of Denmark which was officially leading the negotiations for the withdrawal and not the Greenlandic government itself. In May 1982, the Danish government submitted to the Council a proposal in form of a draft treaty which was envisaged to amend the Rome Treaty in order for Greenland to exit the Communities and to obtain OCT status. However, it

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