NOVO-OGARYOVO, August 28 (RIA Novosti) - The European Bank for Reconstruction and Development is ready to grant Russia aid following an accident at the country's largest hydroelectric power plant in south Siberia, the EBRD president said on Friday.

Meeting with Russian Prime Minister Vladimir Putin at his residence outside Moscow, Thomas Mirow expressed his condolences over the tragedy that claimed the lives of at least 71 people and said the bank was prepared to provide financial aid to rebuild the plant and improve energy efficiency in Russia.

Russia's energy minister said last week repairing the power plant would require 40 billion rubles ($1.3 billion); while other experts were less optimistic, claiming it would take several billion dollars to restore the Sayano-Shushenskaya station.

The EBRD has already invested more than $11 billon in Russian projects in auto manufacturing and modernizing power generating systems in a number of regions, according to Putin.

"We are monitoring the drafting of a new program for Russia for 2010-2012," the Russian premier said, hinting that Russia may look for more loans if "the interest rates are good."

Mirow said the bank's shareholders, including Russian ones, would make a decision as to whether further loans will be made available amid growing demand for foreign investment.