Four international investment banks were selected by Egypt to issue 3 billion dollar-denominated eurobonds in the global bond market, the finance ministry announced on Thursday.

The Central Bank Egypt has agreed to take a $12 billion loan facility from the International Monetary Fund (IMF) for the implementation of quick economic reforms needed in the economy.

Egypt's central bank left its key policy rates steady, as expected by most economist, saying the current rates were appropriate given the balance of risks surrounding the outlook for inflation and economic growth.

Egypt's finance minister said on Monday the country would look to issue a $3 billion Eurobond between September and October, and would implement a long-delayed value-added tax (VAT) by September.