Egyptian Finance Minister Ahmed Kajouk confirmed that 120 billion Egyptian pounds ($2.2 billion) have been allocated for energy support in the new budget for the fiscal year 2026-2027. He affirmed that the ministry is working to improve energy efficiency, expand into new and renewable energy sectors, and enhance investments to improve the transmission and distribution network. During a press conference on the new fiscal year's budget, the minister added that the ministry hedges 50% of its petroleum material needs annually. He mentioned that the ministry is studying expanding this practice and is also working with the Ministries of Irrigation and Agriculture on a new initiative to rationalize water resource consumption and use modern technology. The minister pointed out that there are financial allocations to accelerate the pace of work on the 'Dabaa' project and to meet its ambitious deadlines. He stated that the government has dealt with current exceptional challenges swiftly and proactively to ensure the continuity of economic activity and the availability of goods and supplies, noting that this proactive and rapid approach has been welcomed and appreciated by credit institutions, rating agencies, and investors. Kajouk added that the ministry is continuing on the path of economic reforms to stimulate investment, production, exports, and growth. He mentioned that the ministry aims to launch three initial public offerings (IPOs) before the end of the current fiscal year and is working to maintain the pace of reforms and IPOs to enhance the private sector's participation in economic activity. The finance minister also stated that the ministry is working to provide more attractive economic opportunities for investment inflows, with 20 new projects being developed in partnership with the private sector.
