The European Investment Bank (EIB), the European Union’s financing institution, is providing a long-term loan of EUR 35 million to Dexia Crédit Local to help finance the emergency rebuilding of small and medium-scale public infrastructure damaged by the devastating floods of 8 and 9 September 2002 in south-east France, especially in the Gard Department of Languedoc-Roussillon, the area which was hardest hit.
The EIB funds will be earmarked for the investment schemes of local authorities faced with the task of repairing their transport, telecoms, energy, water, health, education and public safety infrastructure, as well as for flood defence works. This EIB loan on favourable terms will underpin the efforts of the French authorities by complementing the post-flood rehabilitation programmes set up by the Languedoc-Roussillon Region and Gard Department in support of small public bodies having to cope with emergency requirements beyond their normal means.
In the interests of close cooperation and efficiency, the Region and Department will deal directly with Dexia Crédit Local. DCL will manage the EIB resources, bolstering them where necessary with loans from the EUR 15 million emergency credit line that it set up in support of local authorities immediately following the floods.
