In July 2023, a Cairo criminal court acquitted former Mubarak-era finance minister Ghali of corruption charges against him.

Ghali, 72, previously served as minister of international cooperation between 1993 and 1996, overseeing the economic reform programme between Egypt and the International Monetary Fund (IMF).

Furthermore, he held the position of minister of state for economic affairs from 1996 to 1997, before being elevated to minister of economy and foreign trade, a role he maintained until 2004.

Meanwhile, former head of the Budget and Planning Committee in the House of Representatives Hussein Eissa has been appointed as the council's general coordinator.

Eissa is a member of the Silk Road Studies and Research Centre at Ain Shams University.

He also serves as a member of the Coordination Council, which deals with the monetary policy of the Central Bank of Egypt and the fiscal policy of the government.

The newly formed council also includes the CEO and Chairman of the Executive Committee of EFG Hermes Holding Karim Awad and the CEO of Fawry Ashraf Sabry.

Awad ranked among the Forbes Middle East Top 100 CEOs in 2022.

Sabry spent 10 years leading sales at IBM Egypt and later oversaw the growth and success of Raya Holding before the founding of Fawry.

A decree to establish the Specialized Council for Economic Development was announced in 2015 when El-Sisi directed the government to form four specialized councils to define state policies and prepare comprehensive studies of various national works, according to the State Information Service.

These councils also include the Specialized Council for Community Development, the Specialized Council for Foreign Policy and National Security, and the Specialized Council for Education and Scientific Research.