President of the European Council Herman Van Rompuy revealed Sunday after meeting with Egypt's President Mohamed Morsi that the European Union and other European financial institutions allocated more than 5 billion euros over two years to support Egypt's democratic transition.

"Part of the allocated amount should be received along with Egypt's loan from the International Monetary Fund (IMF)," Rompuy told reporters in a joint news conference with Morsi after the meeting.

"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 US dollars from the IMF to boost economy suffering from budget deficit and declining foreign currency reserves.