Cairo has also revived long-delayed privatisation plans for the sector. International banks are preparing for the anticipated offer of minority stakes in a number of local banks, including Misr International Bank (MIBank), in which Banque Misr has a stake, and Egyptian American Bank.

However, local analysts warn that it may be some time before any sales are concluded. ‘The government has said there will be a sales process, but at the moment we are waiting for them to clarify it,’ says an international banker based in Cairo. ‘Also, it’s a hugely speculative market at the moment and share prices have been rocketing in the last couple of months. Not many of the [government stakes] on offer look terribly attractive at these prices.’