A bank account set up to better Egypt will be used to launch new projects for the country's youth, says the presidential spokesman.

Speaking at a press conference on Tuesday, Ehab Bedawy said that the initiative was among President Abdel-Fattah El-Sisi's initial plans for development in the coming period.

The bank account – under the supervision of El-Sisi and the Central Auditing Organisation (CAO) – was launched last week when the former army general announced that he'd donate half of his monthly salary and half of his wealth to support Egypt's ailing economy.

He urged Egyptians to embrace real sacrifices for the country and put aside sectarian demands.

The army announced on Thursday that its affiliated companies would give up LE1billion ($140 million) to support the economy, as per El-Sisi's initiative.  

Egypt's current domestic debt stands at LE1.7 trillion. Earlier this week, El-Sisi approved an amended budget to bring the deficit to 10 percent of the country's GDP – down from 12 percent in the initial version.