Report: EU mismanaging 1B euro aid program to Egypt

The European Union is failing to ensure that hundreds of millions of euros in aid to Egypt is used effectively and to make the Islamist government tackle corruption and human rights abuses, a European Court of Auditors report said on Tuesday.

The Luxembourg-based agency said the 1 billion euro ($1.3 billion) package for Egypt from 2007 to 2013 was funneled primarily into the state budget, despite graft and a lack of transparency in public spending. (Reuters)