The initiative, which will be supported by an EGP 150 billion fund, comes following the announcement made by the International Monetary Fund (IMF) last week outlining Egypt’s commitments under a fresh $3 billion loan deal approved in December.

Under the IMF-backed programme, the government is undertaking a number of measures on the monetary front as well as on fuel subsidies and national projects, through which Egypt aims to bridge the financing gap, estimated at $17 billion, resulting from by the repercussions of the war in Ukraine.

Moreover, Egypt has committed to mobilising $13 billion from international and regional partners, including an estimated $2.5 billion to be secured from selling stakes in state-owned assets during the second half of FY2022/23.

Since Wednesday, the Egyptian pound has experienced its lowest performance against the US dollar, closing at EGP 31 at a number of banks in the end of last week's transactions.

Egypt is still suffering a shortage in US dollar liquidity amid reports that GCC investment funds purchased two types of treasury bills offered by the Central Bank of Egypt last week, totalling EGP 43 billion.