According to Sisi, the initiative seeks to unify and regulate Libyan institutions to be able to perform their duties and guarantee fair and transparent distribution of Libyan resources to all citizens, hindering the monopoly of any extremist groups or militias over the country's resources.

"The initiative calls for respecting all relevant UN efforts and initiatives," he noted, stressing that deteriorating security situation in Libya affects the security of neighboring states regionally and internationally.

"The initiative will mark a beginning for a new stage towards the return of normal and safe life to Libya," Sisi said, adding that it also calls for continuing the UN-sponsored talks by the 5+5 Libyan Joint Military Commission in Geneva.

Sisi expressed Egypt's aspiration for all countries and regional and international powers to support this step in order to end the Libyan crisis.

He also called on the UN to assume its responsibility to invite all Libyan parties to the UN headquarters in Geneva to relaunch the political process.

Speaking at the press conference, the speaker of the Libyan parliament said that the presidential council proposed by the initiative will consist of a president, two deputies, and a prime minister, adding that council's term will be 18 months.

"The council will not marginalize or exclude anyone," he said, adding that "we will accelerate drafting of a constitution after which presidential and parliamentary elections will be held."

However, he stressed that the LNA is determined to expel the militias from the capital in order to "unify the Libyan institutions."

Hours after it was declared, Sisi's initiative was welcomed by several countries including the US, Russia, France, Saudi Arabia, United Arab Emirates, Bahrain and Jordan.

Egyptian Minister of Foreign Affairs Sameh Shoukry reviewed on Saturday the elements of the initiative during phone calls with UN Secretary-General Antonio Guterres, Chairperson of the African Union Commission Moussa Faki, as well as foreign ministers of Algeria, Morocco, Tunisia, Niger, Saudi Arabia, the United Arab Emirates, and Jordan.

Shoukry expressed Egypt's keenness to coordinate with the countries concerned with the situation in Libya.

He affirmed that Egypt will continue pursuing, along with friendly countries, a political solution in light of this initiative, and in the context of the objectives agreed upon in the framework of the conclusions of the Berlin process, with a view to achieving full stability in Libya.