African News Agency : Welcome

Cairo, 14 Jan - (ANA) - Egypt is to receive more than $ 6.7bn from the European Union, its Council President Herman Van Rompuy said in Cairo yesterday after meeting Egypt's President Mohamed Morsi. "Part of the allocated amount should be received along with Egypt's loan from the International Monetary Fund (IMF)," Rompuy told reporters at a joint news conference with President Morsi. "I came to Egypt with a simple message that the EU hopes for the new democratic Egypt to be successful," highlighting the significance of political stability for Egypt to restore tourism and foreign investments. For his part, President Morsi stressed the strength and depth of the relations between Egypt and the EU. "That broadening scope of cooperation reveals the keenness of the EU on promoting these ties," Morsi said, expressing appreciation for the EU support for the democratic transition in Egypt and other states of Arab uprisings. Egypt is currently working on getting a rescue loan of 4.8 billion U.S. dollars from the IMF to boost its economy which has beensuffering from budget deficit and declining foreign currency reserves. (ANA)