The European Union's executive arm would then also call for an international lifting of debt owed by the country, EU Aid Commissioner Louis Michel said.

"I would encourage the rest of the international donor community to make it clear today that it is ready to provide substantial and immediate assistance to Zimbabwe in the wake of a transition towards democracy," Michel said.

The EU aid would go towards supporting hospitals, schools or the farming sector, he said in an opinion piece distributed to media.

The 27-country European Union called on Friday for a new election as soon as possible in Zimbabwe after a short transition from the rule of President Robert Mugabe.

Mugabe was declared re-elected after a June 27 runoff in which he was the only candidate once the opposition withdrew in protest at violence and intimidation by the security forces and government-backed militia.

The European Commission is the most important aid donor to Zimbabwe and last year provided 91 million euros in humanitarian aid and other assistance.