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European Union courts 'new Egypt'

Nov. 15, 2012 at 10:48 AM

CAIRO, Nov. 15 (UPI) -- The European Union announced it was providing the Egyptian government with $114 million in funding to support political and economic transformation.

A popular uprising in early 2011 ended the 30-year tenure of Egyptian President Hosni Mubarak. Mohammed Morsi, a candidate from the Egyptian Muslim Brotherhood's political wing, this year became the first president elected by a democratic vote in Egypt.

Stefan Fule, European commissioner for enlargement and neighborhood policy, said the European Union is committed to a stronger working relationship "with the new Egypt."

Fule announced the European Union was providing Egypt with $114 million in new funding to support economic recovery and other reforms in the country. He described the funding as part of a "more-for-more" agenda that provides additional support in exchange for progress achieved in the post-revolution transformation process.

EU High Representative for Foreign Affairs Catherine Ashton praised Cairo during meetings this week with top Egyptian leaders.

As the European Union's main trading partner and largest recipient of foreign aid, Ashton said the country "has come a long way" since 2011, adding its "vital that this transition continues."

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