Artikel II

The purpose of the Fund is to help in solving the problems with which European countries are or may be faced as a result of the presence of surplus elements of population, including national refugees, by providing or guaranteeing loans to finance:
(a) absorption programmes approved by a Member of the Fund in accordance with Article VI of the present Articles of Agreement, designed to create new opportunities of employment for such persons;
(b) resettlement programmes approved by a Member of the Fund providing for loans to or expenditure for the benefit of persons residing in Europe who seek resettlement in a European or extra-European country and who shall undertake to repay the amount of such loans or expenditure insofar as they are financed by the Fund.