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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