Egypt's needs from a financial loan package exceed $10 billion, a senior European Union official said Wednesday.
Egypt
's
needs from a financial loan package exceed $10 billion, a senior European Union
official said Wednesday.
Egypt
is
currently negotiating a loan package with the International Monetary Fund worth
just under $5 billion.
Speaking about the IMF loan talks, the official said "probably
Egypt
will
need more than double that amount.'
The EU, other countries and international institutions are expected to
contribute to the package, with
Brussels
likely to spell out a commitment to lend the country $500 million when Egyptian
President Mohamed Morsi visits the EU capital on Thursday.
In addition to the IMF package, the official said that
Europe
is
eyeing a package of loans and grants for future years in excess of the 4
billion euros ($5.1 billion) agreed with
Tunisia
.
However, the final amount is still to be decided as the EU spearheads the
creation of a taskforce that will work with authorities and include other
international partners and Egyptian civil society groups.
The person said he also hopes to see negotiations on a new, comprehensive trade
accord between the EU and
Egypt
begin
"in coming months."
The official said he would also like to see a new organization emerge over time
that groups together the EU and the democratic countries from the Arab world,
adding that he does not believe the attacks on the
U.S.
consulate in
Benghazi
and
the embassy in
Cairo
signal the end of a pro-democracy movement in the region.
"It's not necessarily [the case] that the Arab spring becomes an Arab
winter."
The attacks "aren't altering anything in the transitions in the case of
Libya
or in
the case of
Egypt
."
He added that, he expects Mr. Morsi to issue a strong condemnation of the
events when he visits
Brussels
.
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