07/01/2005 (Agence Europe) - The President of the European Investment Bank (EIB), Philippe Maystadt, confirmed on 6 January that the EIB will contribute to the significant financial aid package communicated the same day by the President of the European Commission, José Manuel Barroso, for the reconstruction of tsunami hit areas of South East Asia. The EIB states it is willing and ready to launch as quickly as possible a long-term lending programme for financing the reconstruction at favourable terms. The lending programme could be for an amount of up to EUR 1 billion. To keep the financial burden to the recipient countries as low as possible, the EIB foresees providing loans with a long duration of up to 30 years and with a 7 year grace period free of capital repayments. In addition it will look into the possibility to reduce further the financial burden by either combining EIB loans with EU grant aid or by granting an interest rate subsidy with EU budget funds. The lending program would be implemented in close coordination with the Commission, the World Bank and the Asian Development Bank.