Egypt has surpassed South Africa as the second largest economy in Africa, said the International Monetary Fund (IMF) in its latest World Economic Outlook.

Egypt will launch 4G licenses for the four mobile operators in the country within two months, and the value will depend on each company’s needs of available frequencies, communications and information technology ministry said in a statement on Sunday.

Egypt's cabinet approved Wednesday a mandate for the National Telecommunications Regulatory Authority (NTRA) to launch a high-speed 4G mobile network.

Egypt's central bank left its key policy rates unchanged, as expected, saying they were appropriate given the lagged effect from the sharp hike in March and the balance of risks surrounding the outlook for growth and inflation.