BREAKING NEWS

EU official: Egypt likely needs over $10 billion in aid

By REUTERS

SEPTEMBER 12, 2012 15:06

BRUSSELS - Egypt is likely to need more than $10 billion in external financing to help it get its economy on track, a senior EU official said on Wednesday.

The official said the European Union and several countries were considering financial support for Egypt in addition to a $4.8 billion loan which Cairo has requested from the International Monetary Fund (IMF).

"...Egypt will need more than this almost $5 billion, probably Egypt will need more than double this amount, more than $10 billion," the official told a briefing ahead of a visit to Brussels by Egyptian President Mohamed Mursi on Thursday.

The official declined to say how much the European Union might be prepared to contribute in assistance to Egypt.

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