EIB Weighs Flood Aid Similar to Amount Offered in 2002

The European Investment Bank is considering loans to countries affected by heavy flooding that could be on the scale of the 1 billion euros ($1.3 billion) provided in 2002 under similar conditions, the Luxembourg-based EIB said today.

Germany, Austria, Hungary, Slovakia and the Czech Republic have been offered financial support for dealing with damage to crops and infrastructure caused by the flooding, the EIB said. Emergency lending programs can cover up to 100 percent of needed project financing, using simplified procedures and with terms of as long as 30 years, the EIB said.

“The EIB is willing to go beyond the amount from 2002, depending on investment demands and if needed,” EIB president Werner Hoyer said.

To contact the reporter on this story: Rebecca Christie in Brussels at rchristie4@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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