Egypt likely needs over $10 billion in aid – senior EU official

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Egypt is likely to need more than $10 billion (6.2 billion pounds) in external financing to help it get its economy on track, said a senior EU official.

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, Reuters reports.



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