Egypt boosts energy financing in 2026/27 budget

Egypt has allocated significant funding in its 2026/27 budget to support energy supplies and build strategic reserves of petroleum products, Finance Minister Ahmed Kouchouk said on Sunday during a Cabinet meeting.

Kouchouk said the allocations are aimed at ensuring uninterrupted availability of fuel and strengthening energy security, according to a statement from the Cabinet.

Petroleum Minister Karim Badawy said Egypt has fully settled outstanding arrears owed to foreign oil and gas companies, a move he said would support investor confidence and encourage new investment in the sector.

He said clearing the arrears had helped stabilise production and accelerate project implementation.

Badawy added that Egypt had secured adequate natural gas supplies to meet demand from power plants and industry during the summer, in coordination with the Ministry of Electricity and Renewable Energy.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser