Brussels, 30/12/2005 (Agence Europe) - On 21 December, the Board of Directors of the European Investment Bank (EIB) decided to renew Philippe Maystadt's term of office as EIB President. On 19 December, the EIB Board of governors agreed to renew the term of office of Peter Sedgwick as EIB Vice-President and member of the Management Committee. On 6 December, the ECOFIN Council suggested renewing the term of office of Belgium's former finance minister, Philippe Maystadt, which ends at the end of this year. An EIB press release explains that Maystadt's second five-year term will focus on the implementation of the strategy approved by the EIB's Board of Governors in June 2005, the main lines of which are emphasis on the development of innovative products for the financing of regional development, R&D and TENs (trans-European networks) within the EU and the candidate countries and the strengthening of the EIB's development role, especially in the Mediterranean partner countries (FEMIP) and the ACP countries (the Cotonou Facility for African, Caribbean and Pacific states).