Egypt allocates 90.6 billion EGP to energy sector within 135.6 billion EGP package since Iran-related conflict began
via Egypt Today1 min read
Egypt has allocated 90.6 billion EGP to its energy sector, part of a larger 135.6 billion EGP package directed towards strategic sectors since the start of the Iran-related conflict, according to Finance Minister Ahmed Kouchouk. The package also includes 30 billion EGP for basic commodities and 15 billion EGP for healthcare, aiming to ensure essential service continuity and maintain economic stability. Kouchouk stated that the government is managing risks through stronger reserve buffers and flexible budget reallocations, with fiscal policy focused on supporting citizens and reinforcing financial resilience. During the current fiscal year, Egypt mobilized approximately 670 billion EGP for strategic sectors, including 483.4 billion EGP for energy, 75.2 billion EGP for healthcare and medicines, and 112 billion EGP for food and essential goods. Presenting the FY2026/2027 budget to Parliament, the minister projected revenues at 4 trillion EGP, a 30 percent increase, and expenditures at 5.1 trillion EGP, a 13.2 percent growth. The budget also allocates 80 billion EGP to support production, manufacturing, entrepreneurship, and exports, alongside 48 billion EGP for export rebates, 6.7 billion EGP for tourism support, and 6 billion EGP in financing facilities for productive sectors. Additionally, 821 billion EGP is allocated for wages, 832.3 billion EGP for subsidies and social protection, and 120 billion EGP for energy support and restructuring measures, in addition to allocations f
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Egypt observes Sinai Liberation Day on April 25th, marking the complete liberation of Sinai and the raising of the Egyptian flag in 1982. This day commemorates the culmination of a series of conflicts and negotiations that began over six years prior to the 1973 war. The "Crossing War" in October 1973, where Egyptian forces breached the Suez Canal and the Bar Lev Line, led to the restoration of full sovereignty over the Suez Canal and a portion of the Sinai Peninsula. This conflict also shattered the perception of Israeli invincibility and boosted Arab confidence. The October War paved the way for the Camp David Accords in 1978, following President Sadat's initiative. Political negotiations, including UN Resolutions 338 and 242, and subsequent disengagement agreements in 1974 and 1975, further advanced the peace process. The Peace Treaty between Egypt and Israel, signed on March 26, 1979, stipulated the withdrawal of Israeli forces from Sinai. The phased withdrawal concluded on April 25, 1982, with the raising of the Egyptian flag in Rafah and Sharm El Sheikh. The final dispute over Taba was resolved through international arbitration, with the panel ruling Taba to be Egyptian territory on September 30, 1988, and the Egyptian flag finally raised there on March 19, 1989.
Egypt's Cabinet has approved several initiatives to enhance infrastructure, public services, and digital transformation. This includes the establishment of the "Suez Canal Dredging and Maritime Works Company," a joint-stock company affiliated with the Suez Canal Authority, in partnership with a private sector firm. This new company will focus on dredging, maritime projects, and related supply operations to improve the canal's service capabilities. Additionally, the Cabinet approved a contract for the Ministry of Health and Population to maintain and support the national ambulance reporting system, with plans to expand it nationwide for better emergency response. The Minister of Communications and Information Technology was also authorized to sign agreements with global ICT companies to accelerate digital transformation and improve access to government services. These decisions align with Egypt Vision 2030, aiming to improve service delivery, advance digital governance, and support an integrated digital economy.
Egypt's stock market experienced a mixed close on Wednesday, April 22, 2026. The main index, EGX30, saw a slight decrease of 0.03%, settling at 51,962 points. However, broader market indices, including EGX70, EGX100, Sharia index, and EGX35-LV, all recorded gains, supported by selective buying in mid- and small-cap stocks. Market capitalization increased by approximately LE 26 billion, reaching LE 3.603 trillion. Total market turnover was nearly LE 11.97 billion, with 3.15 billion securities traded. Foreign investors were net buyers, while Egyptian and Arab investors posted net sales. Top gainers included Cairo for Canal Investments & Technology, Delta for Printing & Packaging, and Rubex, while South Valley Cement led the decliners.
Egypt's Cabinet has approved a draft law addressing personal status matters for Christian families, following directives from President Abdel Fattah El-Sisi to expedite family law bills for both Christians and Muslims. Prime Minister Mostafa Madbouly stated that three draft laws, including a family support fund bill, will be sent to parliament weekly. The Minister of Justice, Mahmoud El-Sherif, confirmed the law applies to Christian Egyptians from various denominations, including Coptic Orthodox, Syriac Orthodox, Greek Orthodox, Armenian Orthodox, Evangelical, and Catholic communities, incorporating specific provisions for each. The bill covers engagement, marriage, divorce, annulment, child custody, guardianship, lineage, missing persons, and inheritance. El-Sherif highlighted that the draft reflects full consensus among Christian denominations, resulting from 35 meetings of a legal committee and broad societal dialogue. The draft was also reviewed by the Supreme Judicial Council, the National Council for Human Rights, the National Council for Women, and the National Council for Childhood and Motherhood. The law consolidates fragmented regulations into a single framework and aligns with constitutional principles of equality, ensuring uniform provisions for non-doctrinal matters such as marital housing, custody, and visitation, mirroring provisions in the draft personal status law for Muslims.