EU pledges 500 million euros in macroeconomic aid

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EU pledges 500 million euros in macroeconomic aid

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Thu, 13/09/2012 - 12:32

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Jose Manuel Barrosso met Egyptian President Mohamed Morsi. Barroso says the EU is prepared to make available (EURO)500 million in financial assistance to Egypt to support the consolidation of democracy there. MOrsi said also that Egypt won't allow any attack on foreign Embassy.

Virginie Nguyen

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Reuters

BRUSSELS — The European Union offered Egypt macroeconomic assistance of 500 million euros, as well as between 150 and 200 million euros towards economic recovery, the president of the European Commission said on Thursday.

Jose Manuel Barroso said the macroeconomic aid would be granted on condition that the country reaches an agreement with the International Monetary Fund.

"We are ready to offer macro financial assistance worth 500 million euros, provided the agreement that Egypt is currently initiating with the IMF materializes," Barroso told reporters at a joint news conference with Egypt's President Mohamed Morsy.

"In addition, European Union is also ready to consider a budgetary support operation of 150 million to 200 million euros in support of an agreed economic recovery plan."

Morsy was in Brussels for his first visit to Europe since becoming Egypt's first freely elected leader in June, hoping to reassure the European Union of his democratic credentials and win pledges of economic aid.