Sep 12 2012
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Egypt Needs Loan Package in Excess of $10B - EU Official
Wednesday, Sep 12, 2012
By Laurence Norman
BRUSSELS--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.'
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.
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.
Write to Laurence Norman at firstname.lastname@example.org
(END) Dow Jones Newswires
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