Egypt allocates $2.2 billion to support energy in the new budget

Ahmed Kajouk, Egyptian Minister of Finance, confirmed that 120 billion pounds ($2.2 billion) have been allocated to support energy in the new budget for the next fiscal year 2026-2027, stressing that the ministry is working to raise the efficiency of energy use, expand in the areas of new and renewable energy, and enhance investments to improve the transmission and distribution network.
He added, during the press conference on the budget for the new fiscal year, that the Ministry works every year in hedging contracts for 50% of the needs of petroleum products. He is considering expanding this matter, explaining that the ministry is also working with the Ministries of Irrigation and Agriculture on a new initiative to rationalize the consumption of water resources and use modern technology.
The minister indicated that there are financial allocations to accelerate the pace of work on the “Dabaa” project and adhere to the ambitious timing for its completion.
He said that the government dealt quickly and proactively with the current exceptional challenges, to ensure the continued movement of economic activity and the availability of goods and supplies, pointing out that this proactive and rapid dealing was welcomed and appreciated by institutions, credit rating agencies, and investors as well.
Kajok added that the Ministry is continuing the path of economic reforms to stimulate investment, production, export and growth, pointing out that the Ministry is targeting 3 proposals before the end of the current fiscal year, and is working to continue the pace of reforms and proposals, and to enhance the participation of the private sector and its contribution to economic activity.
The Minister of Finance added that the Ministry is working to provide more economic opportunities that attract investment flows, and there are 20 new projects through a partnership system with the private sector.