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During a joint press conference, Barroso said the EU is prepared to make available (EURO)500 million ($645 million) in financial assistance to Egypt to support the consolidation of democracy. The EU is Egypt's largest trade partner and largest source of foreign investment. The two sides agreed that a joint EU-Egypt task force would meet later this year to find ways to further economic cooperation. The EU already has made available (EURO)449 million to Egypt for the period 2011-2013, Barroso said. Morsi, who is hoping to carry out structural reforms to overhaul Egypt's ailing economy, is seeking a $4.8 billion loan from the International Monetary Fund, but more could be required. The two men also urged Syrian President Bashar Assad to step down in order to end the escalating civil war in that country. "We are also adamant that Assad should go," Barroso said. "We need a transition to an inclusive democracy." Morsi interrupted to add that this was "completely agreed upon."
[Associated
Press;
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