During a tripartite summit with the French president and the Jordanian king in Paris May 18, Egyptian President Abdel Fattah al-Sisi announced the allocation of $500 million, through specialized Egyptian companies, for the reconstruction of the Gaza Strip following an 11-day Israeli aggression.

The Egyptian initiative coincided with the success of the Egyptian efforts in brokering a cease-fire between the Palestinian factions and Israel in the Gaza Strip, which was welcomed by many world leaders. During a phone call with his Egyptian counterpart May 24, US President Joe Biden stressed the US support for the Egyptian mediation to achieve the truce and support the reconstruction of Gaza, noting his desire to continue consultations and coordination with Sisi regarding the Palestinian cause.

Speaking to Al-Monitor, Egyptian member of parliament Mustafa Bakri praised the Egyptian efforts to reach a cease-fire and achieve truce between Israel and the Palestinian factions, stressing that Egypt's position on the situation in Gaza and the Israeli aggression against it reflects the reality of its pivotal role in the region, which is keen to achieve stability and maintain Arab and Egyptian national security.

Bakri said that Sisi's initiative to contribute to the reconstruction of Gaza aims to support the cease-fire decision and mobilize the international community to find a comprehensive and just peace in the region leading to the establishment of a Palestinian state with Jerusalem as its capital, in addition to stopping Israeli settlement expansion.