(RTTNews) - Despite its dissatisfaction over lack of progress in the country eight years since the downfall of Taliban regime, the European Union (EU) "will increase substantially" its assistance to Afghanistan.

The 27-nation bloc also decided to send a 'big' team to observe the November 7 second round polling in the country's presidential election. Dutch Member of the European Parliament, Thijs Berman, will lead the team.

This was disclosed Tuesday by EU Foreign Affairs Commissioner Benita Ferrero-Waldner during the bloc's foreign ministers' meeting in Luxembourg.

Pakistan will also be eligible for aid, she added, stressing the need for a new, coordinated strategy in an effort to build a stable state in Afghanistan.

The EU's aid will be in addition to its current support of around 1 billion euros ($1.5 billion) per year in Afghanistan.

Sweden's Foreign Minister Carl Bildt, who chaired the meeting as his country holds the EU presidency, said "There clearly needs to be a new start in Afghanistan."

The EU expressed concern over the massive fraud in the Afghan presidential poll held in August.

The election "led to a decline in confidence both internally and externally in the efforts in Afghanistan. That must be repaired, and that can only be repaired by a very credible reform program immediately after the second round of the elections," Bildt said.

A run-off between incumbent Hamid Karzai and former Foreign Minister Abdullah Abdullah was ordered by the country's Independent Election Commission (IEC), based on the UN-backed Electoral Complaints Commission's (ECC) findings that the first round of polling was tainted by widespread fraud.