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Egypt has approved 90 billion Egyptian pounds ($1.7 billion) in capital expenditure as part of its 2026-2027 budget announced by the cabinet this week.
Projected spending in the upcoming budget is around 13 percent higher than in the current year’s budget with the aim of spurring growth and cutting debt.
Spending was estimated at EGP 5.1 trillion ($98 billion) and revenues at around EGP 4 trillion ($77 billion), an increase of 27.6 percent over the previous budget.
“The 2026-2027 budget targets the welfare of citizens and stimulating growth…health, education, social care and support for production and exports are a priority,” finance minister Ahmed Kouchouk said after the cabinet endorsed the budget last week.
In comments published on the cabinet’s website, Kouchouk said the new budget, which has to be approved by parliament, includes an allocation of EGP90 billion ($1.7 billion) for projects and other economic activities and that it aims to reduce the deficit by 2.1 percent to 4.9 percent.
The budget, which takes effect on 1 July 2026, also targets cutting the debt to around 78 percent at the end of that fiscal year from nearly 78 percent in the previous year.
(Writing by N Saeed; Editing by Anoop Menon)
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