Egypt targets EGP 1.2 tn primary surplus target despite war in cabinet-greenlit general budget for next FY

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WHAT WE’RE TRACKING TODAY

Egypt goes into energy saving mode

Good morning, friends and welcome to a new workweek. We are still trying to register the reality of Cairo going to sleep at 9pm after shops and restaurants turned off their lights and shut their doors early last night in line with government directives that aim to reduce energy use.

Starting next Sunday, both the private and public sector will be working from home on Sundays for the month of April in an effort to help ease the strain on energy supplies by cutting down on consumption, Prime Minister Mostafa Madbouly said in a televised presser yesterday. But “If the current regional crisis continues, the possibility of adding another day will be studied,” he added.

By the numbers: Egypt’s energy import bill will reach USD 2.5 bn this month, up from USD 1.5 bn in February and USD 1.2 bn in January. “We have no way but to reduce this bill through rationalizing consumption, which is a shared responsibility that falls on the government and the citizen together to realize the magnitude of the challenge,” argued Madbouly.

Several sectors and places of work will be exempt from the ruling, including factories, public services, water stations, gas stations, water treatment stations, and hospitals. Schools and universities will also not be included in the system.

What’s still unclear to us: What about other companies (and state agencies) with units that can only do their jobs at a place of business? Most corporate bankers? WFH is easy. Tellers in the branches? Not so much. Will branches be open a week from today? What about the Registry Office? We’ve all got a week to work-out these kinds of questions, and we’ll report back as we get answers.

Our take: The longer the war in the Gulf continues, the worse the energy crunch will be here in Egypt. It’s a really good time to start planning for how you’ll do business this summer if additional WFH days are joined by rolling blackouts.

The bottom line: We, as a nation, have a PhD in crisis management. We did everything right this time ‘round, and we’re still being squeezed. After two revolutions, innumerable past energy crises, and a few devaluations? Y’all know what to do. Time to start planning.

REMEMBER- The announcements build on a decision last week to close shops, malls, restaurants, and cafes at 9pm on weekdays and 10pm on Thursdays and Fridays starting this week. It was also decided that illuminated roadside billboards will be turned off, street lighting reduced to “minimum safe levels,” and government buildings in the New Capital shut down at 6pm. The government also laid out its intention to delay or slow diesel-intensive national projects and freeze or postpone select budget expenditures to preserve liquidity and manage fuel consumption.

The state has also directed that fuel allocations for government vehicles be reduced by 30% to reduce consumption and costs.

AND- Rising global fuel costs filtering down into railway ticket prices and select Cairo Metro fares, according to a Transport Ministry statement. Long-distance train tickets will increase by 12.5%, while short-distance fares will jump 25% and Metro ticket prices for trips up to 16 stations have risen EGP 2.

In today’s issue: The Madbouly government targets a EGP 1.2 tn primary surplus for the upcoming fiscal year and a debt-to-GDP ratio of 78%; our next IMF review is scheduled for 15 June, and privatization progress is high up on the Fund’s agenda; and we’re among the most vulnerable EBRD nations to ongoing regional war.

^^ Read more in the news well, below.

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MARITIME — Could the Houthis entrance into the war see vessels in the Bab Al Mandab Strait be targeted next? After having not been absent militarily for the first month of the conflict, the group launched two attacks on Israel yesterday and spokesperson Yahya Saree indicated in a statement that they would continue until “the criminal enemy ceases its attacks on the region.”

While Israel seems to be the sole target for now, policymakers will likely be concerned that the group will resume its attacks on passing vessels making their way to and from the Suez Canal. Even if maritime attacks do not materialize, the Houthi’s active involvement in the war will likely further ward off shipping lines from the region and push up war ins. premiums.

TOURISM — Cairo gets its flowers on 2026 list of 50 best cities worldwide: UK-based magazine Time Out placed Cairo on the 42nd spot on its list of 50 best cities in the world in 2026. The outlet singled out the metropolis’ vibrant cuisine, nightlife, and impressive accommodations, as well as the Grand Egyptian Museum.

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Happening today

Foreign Minister Badr Abdelatty in Islamabad to discuss the war in Iran with his counterparts from Pakistan, Saudi Arabia, and Turkey, according to a ministry statement. The ministerial talks discuss a “range of issues, including efforts to de-escalate tensions in the region,” Pakistan;s Foreign Ministry said in a statement.

Data point

12.4% — that’s how much the banking sector clocked in net income in 2025, coming in at EGP 601.6 bn, according to data released by the central bank. Total banking assets grew to EGP 24.1 tn, compared to EGP 20.8 tn recorded the year before, supported by a 13.4% jump in deposits to EGP 15.8 tn.

PSA-

WEATHER- It’s a cooler day in Cairo today, with a high of 23°C, and a low of 12°C, according to our favorite weather app.

It’s also cooling down in Alexandria, with a high of 20°C and a low of 12°C.

The big story abroad

Yemen’s Houthi militia has joined the war. The group fired ballistic missiles at Israel yesterday morning and vowed to keep up attacks as long as US-Israeli strikes on Iran and Lebanon’s Hezbollah continue. More strikes on Israel followed subsequently, consisting of cruise missiles and drones, the Houthis said.

The Strait of Hormuz saw some light traffic yesterday, with ship-tracking data from Bloomberg showing four vessels transiting the waterway to exit the Arabian Gulf.

Also, Iranian strikes caused “significant damage” to a smelter run by Emirates Global Aluminium — the region’s largest aluminum manufacturer. Several employees were injured at the Al Taweelah site in Abu Dhabi, and assessment of the damage is ongoing. The strike prompted a surge in aluminium prices, as the Middle East accounts for some 9% of global supply.

And to make things worse: Bahraini aluminium producer Aluminium Bahrain was also targeted by Iran yesterday, resulting in two minor injuries.

AND- Some oil and gas execs believe that markets are underestimating the impact of the war on energy supply. “This is an attack not only against the Gulf, but it is an attack that is holding the world’s economy hostage,” Kuwait Petroleum Corporation CEO Sheikh Nawaf Al Sabah was quoted as saying at S&P Global’s annual CERAWeek energy conference. Executives warned that fuel shortages in Europe and Asia are imminent if hostilities do not cease, and predicted that oil prices will remain structurally high even after the conflict ends.

Fiscal discipline in a time of war

The cabinet has approved a debt-targeting draft general budget for the next fiscal year, which looks to build a EGP 1.2 tn primary surplus — or 5% of GDP — according to a cabinet statement on Thursday. Taking this approach will free up “additional credit for debt reduction and social protection,” said Finance Minister Ahmed Kouchouk.

The state’s deficit reduction goals seem unfazed by the war on Iran, with the minister laying a target to reduce the overall deficit to GDP by 1.2 percentage points to 4.9% by the end of the fiscal year. Alongside this, the draft general budget aims to reduce the public debt-to-GDP ratio to 78% over the same period.

The increase in public revenues is projected to increase at a much faster pace than spending. While public revenues will rise 27.6% to EGP 4.0 tn in the budget, expenditures will rise at a slower 13.2% y-o-y pace to a nonetheless larger EGP 5.1 tn.

Why this matters: Considering that inflation looks likely to remain elevated for longer on the back of energy price and other price pressures because of the war on Iran, the projected increase in spending in real terms will be minimal or even contract. With the final two reviews of our program with the IMF and worries of investor cold feet arising from market uncertainty and conflict in the region, the state is making clear that its commitment to balancing the books remains front and center of policy.

Health, education, social protection, and support for production and exports are singled out as “top priorities in public spending.” Kouchouk mentions that EGP 832.3 bn will go towards social protection, up 12% from the year before. The minister also highlights the plan to spend EGP 90 bn on economic support programs, but highlights that “Eligibility for incentives is linked to tangible results on the ground.”

The state is also looking to see EGP 3.8 tn invested in Egypt for the 12-month period in its economic and social development plan for the next fiscal year, which was also given the thumbs up from the cabinet on Thursday, according to a separate cabinet statement. Private investments will make up 59% of the total amount, with the remaining 41% coming from the state.

The state is still sticking with a 5.4% GDP growth target for the next fiscal despite the war on Iran, rising to 6.8% by the fiscal year 2029-30.

IMF doubles down on divestment ahead of seventh review

Egypt’s seventh review under the IMF’s Extended Fund Facility (EFF) is now just 78 days away, with the Fund pencilling in 15 June for the country’s next review, according to the Fund’s latest country report (pdf). But to get there, the Fund is highlighting significant progress on divestment — alongside other measures — as a key condition to unlock the remaining USD 3.3 bn from the remaining two tranches from the EFF, in addition to an additional inflow from the Resilience and Sustainability Facility.

To give it some time to meet the Fund’s criteria, Egypt is asking for the end date of the entire program to be pushed from October to December, bringing the arrangement’s total length to 48 months, in addition to a corresponding extension for the RSF.

Why this matters: For the Fund, divestment is seen as one of the primary indicators for it to assess the country’s push to promote private sector activity and reduce the state’s footprint in the economy and a key way to pay off the national debt. With the IMF noting that “no material divestment has occurred over the last 24 months, while new military entities were created” and its program with the country nearing its end, expect to see the Fund double down on its divestment demands in the next two reviews.

More private sector, less state involvement

To show its commitment to divestment, the Madbouly government has prepared a pipeline of four state-owned asset sales expected to generate USD 1.5 bn by June, but the Fund makes a point of noting that “Even after adding the Qatari land sale valued at USD 3.5 bn, this is well short of the USD 6.5 billion required to meet the program’s original divestment objective.” As of December, the country’s “pipeline involves 11 additional divestment transactions in priority sectors, plus 5 military-owned companies, and 7 companies under the IPO program” in addition to management concessions at 11 airports, according to the report.

To ensure the program doesn't stall again, the government has launched a new multidimensional index to track the progress of the state ownership policy. The index provides an objective assessment of how effectively the state is reducing its economic footprint. It monitors key pillars of the reform plan, including the pace of divestments, the enforcement of competitive neutrality, and overall improvements to the business environment. This data-driven approach is intended to offer transparency to both the IMF and private investors, identifying exactly where bottlenecks in the privatization process remain.

A new centralized state-owned enterprise unit under the prime minister’s office will now act as the primary filter for the government's portfolio. This unit is responsible for sorting state-owned firms into three distinct tracks based on their strategic importance. Non-strategic firms that are ready for the market will be moved to a dedicated liquidation or sale unit, while strategic assets with high value-add potential will be transferred to the Sovereign Fund of Egypt. Kicking the can down the road for underperformers will be harder under this system, as entities requiring further restructuring will remain under the SOE unit's direct supervision until they are fit for exit or integration.

On the regulatory front, the state is moving to a digital-first model for the private sector to lower entry barriers. The government is currently preparing to launch a unified digital platform designed to streamline company formation and management across 275 different economic activities. This involves a complete re-engineering of establishment procedures, with the government pledging to publish periodic reports to track how effectively these changes are being implemented on the ground. These reforms — combined with the upcoming release of a revised state ownership policy document, which the IMF report says will be ready before the end of this month — aim to create the level playing field the IMF insists is necessary for a sustainable recovery.

Fiscally steady as she goes

The Gulf is double-locking its USD 18.3 bn deposits at the CBE to see the IMF program through to its December 2026 finish line. In a formal letter to the IMF, Finance Minister Ahmed Kouchouk and CBE Governor Hassan Abdalla confirmed they have secured “strong assurances” that GCC states will not withdraw their official deposits while the Extended Fund Facility is active. These funds could be later converted into direct investments.

Why it matters: The no-withdrawal pledge effectively removes the risk of a sudden run on the bank by GCC creditors, especially given the brewing regional geopolitical crisis. This safety net — in addition to the USD 6.9 bn secured in concessional and bilateral financing — is vital as the gov’t looks to plug a USD 17 bn financing gap over the next two fiscal years. Egypt needs roughly USD 13 bn this fiscal year and another USD 4 bn in the next fiscal year to meet its net international reserve targets, according to the report.

The Finance Ministry is also pivoting toward a more sophisticated debt strategy to bring the debt-to-GDP ratio down to 70%, according to the report. The plan involves swapping expensive short-term debt for longer-term instruments and launching a weekly sukuk program with 3-to-5-year tenors.

The IMF notes that Egypt’s ability to repay its debts remains “adequate,” but warned that high interest payments remain the biggest threat to the budget and that success depends entirely on sticking to the program's strict schedule. The government is committing to using 100% of the proceeds from Qatari Diar’s investment agreement, along with 50% of all other privatization revenues, specifically for debt retirement as it looks to cut total financing needs by 10% of GDP by 2027.

Beltone opens subscriptions for Egypt’s first silver fund today, plans five more funds

Beltone has opened Fadda, Egypt’s first silver investment fund, to subscription starting today, expanding its precious metals offering as volatility sweeps global markets. We sat down with Khalil El Bawab, CEO for local and regional markets at Beltone Holding, to unpack how the fund works, why now, and how it fits into Beltone’s broader push to build a full-spectrum asset management platform.

Key Takeaways:

Beltone is positioning its silver fund as a medium- to long-term allocation tool, urging investors to enter gradually rather than trade short-term volatility.
The fund invests directly in physical silver held in custody and is co-sponsored by Evolve, Beltone’s partner in a gold fund launched two years ago that now has EGP 3.6 bn worth of AUM;
Beltone has at least five other funds in the pipeline set to launch between 2Q and 3Q this year;
The firm is preparing to launch a digital wealth management platform in 2H that will handle onboarding, risk profiling, and portfolio allocation end-to-end;
A REIT could be on the menu for the second half of this year.

EnterpriseAM: Precious metals have been on a rollercoaster in recent months. Why silver and why now?

Khalil El Bawab: In extraordinary times, anybody who would tell you a direction wouldn’t be solid… It is quite volatile. That’s why I’m urging clients to incrementally invest in the fund. This is a medium to long-term investment — not a fund for trading. The fund offers physical delivery, so there is a cost that you're already incurring. This would be covered by staying invested for a longer period.

We’ve been studying this product for nearly two years, since the launch of the gold fund. Previously, high bid-offer spreads, placement fees, and custody costs — driven by silver’s lower value relative to gold — made the product less viable. Over the past two years, we worked with service providers to address these challenges, enabling the launch we are announcing today.

EnterpriseAM: What’s your pitch to investors?

KB: It’s part of a diversification plan of your investment portfolio, even if silver is a little bit more volatile. Normally, with silver, you need to transact in cash. For a fund, you don’t need to transact in cash. It is regulated. It is secure. Custody is offered. You also have insurance on the movement of silver, and we ensure everything is up to international standards. You’re not taking on that risk, and you get it at minimal cost. Investors holding silver equivalent to at least 10 kg can request delivery.

This is not an ETF, as the market still lacks sufficient depth. The fund maintains a minimum exposure of 80% and a maximum of 95% to silver, allowing flexibility in portfolio management.

EnterpriseAM: How is it regulated?

KB: Oversight includes an independent supervisory committee, Financial Regulatory Authority regulation, service providers supplying the metals, a fund administrator handling IC pricing and operations, and professional asset managers.

EnterpriseAM: There is a historical perception that gold and silver move together. Why should I, as an investor, diversify between gold and silver?

KB: It is still true … that correlation is going to prevail in my humble opinion. But still silver is still lagging. Because in that perspective, it has more commercial uses than gold. Gold is usually more of a safe haven, inflation protection. Silver is a precious metal but has other commercial usage, so it adds another flavor.

EnterpriseAM: How does the silver fund fit in your wider asset management strategy?

KB: Our long-term strategy is to build a full suite of products across money market funds, fixed income, equities, both passive and active, as well as sector-specific and thematic funds. Our focus has been on filling product gaps. We now offer a full spectrum across low-, medium-, and high-risk products, both conventional and Sharia-compliant.

We’ve issued 14 funds over the past two and a half years. Alongside Beltone-branded funds, we also manage third-party funds for banks and insurance companies. Building our mutual funds platform has been a core part of a strategy we launched nearly three years ago.

EnterpriseAM: What’s next?

KB: The wealth management platform we plan to launch in the second half of this year will be built on these funds.

The process will be fully digital: onboarding clients, conducting risk assessments, defining investment objectives, and generating suggested asset allocations. Clients can then invest through lump sums or periodic contributions, monthly, quarterly, semi-annually, or annually, depending on their goals. These plans could be tailored for education, marriage, travel, or retirement.

We have at least five more funds in the pipeline set to launch between 2Q and 3Q this year, completing our product suite. We’re the asset manager offering index trackers for every index in the market, and we are also the only issuer of an ETF on the EGX30, providing full market exposure.

We are also exploring launching a real estate investment trust (REIT) in the second half of this year.

EnterpriseAM: Could we see the launch of funds for other metals in the Egyptian market, such as copper?

KB: Well, I wouldn’t be surprised. Two years ago, I didn’t see a viable silver fund … the bid-offer spread and the cost was around 15%. This was crazy as a spread. When we saw it going down … it dropped to 4.25%. I wouldn’t rule out another precious metal, but there’s a learning curve. There is growth in the market. The market is evolving.

We’re trying to push the market to the limit… I wouldn’t be surprised that at a certain point in time we would be seeing gold receipts being traded on the stock exchange — gold or silver or other metals.

The FRA carbon disclosure mandate: What non-bank financial institutions need to do next

Egypt’s Financial Regulatory Authority (FRA) has introduced new carbon disclosure requirements for non-bank financial institutions (NBFIs). Recent resolutions require companies with capital or net equity exceeding EGP 100 mn to prepare an annual carbon footprint report and disclose their emissions as part of broader environmental, social, and governance (ESG) practices.

The regulation also introduces a mandatory carbon offsetting component. Companies must purchase carbon credits equal to around 20% of their reported emissions through the FRA’s voluntary carbon market. The first reporting deadline is set for the end of June 2026, with offsets due within 90 days of submission.

As organizations prepare for the mandate, many are assessing how to measure and disclose their emissions in line with international standards. The Carbon Footprint Center (CFC) at Heliopolis University provides greenhouse gas (GHG) accounting across Scopes 1, 2, and 3, carbon footprint reporting aligned with global frameworks, and advisory support to help organizations strengthen their environmental performance.

The center also facilitates access to FRA-registered carbon credits through the Economy of Love (EoL) standard. These credits allow companies to meet carbon offsetting requirements while supporting organic agriculture initiatives and smallholder farmers in Egypt.

To learn more about Carbon Footprint Center and FRA carbon disclosure compliance procedures for your organization, click here.

EBRD warns Egypt faces high vulnerability as Iran war stokes fiscal pressure

Egypt ranks fourth among most vulnerable EBRD regions to the war on Iran, with impacts felt through a combination of surging energy prices, disrupted trade, and a debt-servicing burden increasing fiscal pressure, according to a new research note (pdf) from the European Bank for Reconstruction and Development (EBRD). The country was behind only Lebanon in first place, Jordan, and Iraq.

The war is beginning to filter down to revised-down growth forecasts, with a welcome flurry of improved GDP growth predictions in recent months coming to an abrupt halt. For its part, the EBRD cautions that the “growth forecast for the EBRD regions is likely to be revised down by up to 0.4 percentage points” in its June update if energy prices were to remain elevated.

The country’s position as a net energy exporter is proving punishing to the wallet, with Brent crude surpassing USD 100 / bbl and LNG witnessing significant price increases. But this won’t just be felt in the state’s energy import bill or at the pump, with the report warning that knock-on effects from this if prices remain high and disruptions to metals and chemicals potentially leading to a more than 1.5 percentage point increase in global inflation.

Why this matters: For net-energy importers like Egypt, the real concern is that this war and energy disruptions will drag on for months. The price of oil “might reach USD 180 per barrel if Gulf oil remains largely off-market” and the region’s importance in the LNG trade should lead to similar increases for this energy source that Egypt has increasingly relied on in recent years to bridge the gap between the supply and demand, further pushing up the country’s energy import bill.

But even with a welcome quick end to the war, gas prices are still expected to remain high as “as European and Asian buyers scramble to refill storage while LNG production takes weeks to restart,” according to the report. A lot also depends on how damaged energy infrastructure in the region is when the war ends and how long it takes to first repair and then restart operations — a particularly lengthy process for LNG facilities.

The steady increase in remittances we’ve been seeing could also be negatively affected — but it’s too early to tell. Although “remittance flows tend to remain stable in times of crises,” the longer-term concern is that “prolonged conflict could reduce demand for foreign labour in the GCC economies.” Remittances, which rose 40.5% y-o-y to USD 41.5 bn in 2025, have become an increasingly part of the country’s hard currency inflows that helped counter the drop off in Suez Canal revenues in 2023.

EBRD directs USD 50 mn to NBK Egypt for MSME lending

The European Bank for Reconstruction and Development (EBRD) is providing a USD 50 mn financing package to NBK Egypt to support MSMEs, according to a statement from the lender. The facility includes a USD 20 mn credit line under the Youth in Business program, targeting enterprises led or majority-owned by entrepreneurs under 35, with a focus on women-led businesses and underserved rural areas.

A wider wealth gap?

The ongoing war didn’t feature much in Larry Fink’s latest annual letter, but what did is AI — unsurprising given the amount of developments in that space since he wrote his last letter, when energy infrastructure and pragmatism took precedence.

Another topic that’s once again absent? ESG and climate — topics that featured prominently in his older letters but not since last year, as the AI infrastructure narrative begins to push them further into the margins and bring the more balanced concept of “energy pragmatism” into focus.

Why Fink’s letter matters: He’s the co-founder of the world’s largest asset manager, with some USD 14 tn. His annual letter to shareholders is now regularly read and scrutinized by the world’s top investors and traders.

So, what about AI? Fink mentions its potential, yes, but also its potential downside. He argues that asset ownership remains the driving line in wealth creation, and that AI risks amplifying that gap unless more people gain access to markets. “Companies with the data, infrastructure, and capital to deploy AI at scale are positioned to benefit disproportionately” from the AI boom, Fink cautions.

And the solution? More investing, Fink says. “When market capitalization rises but ownership remains narrow, prosperity can feel increasingly distant to those on the outside,” he explains.

Financial education is part of it, but so is widening the avenues for participation. Early-stage investing accounts for children is an option and can often lead to wider economic growth further down the line. Better social security systems, tweaked for longer-term investments and wider access to tokenization, are others. His argument? The growth of the individual should come with the growth of a country. “[Y]our future and your nation’s future become linked. You help finance its growth. It helps finance yours,” he writes.

Yes, but: The letter fails to acknowledge that it’s not just the lack of access to capital markets that’s stopping people from investing, but also the lack of access to capital itself, as the Financial Times ’ Simon Mundy writes.

You can read the full letter here, and read what others are saying on: Bloomberg | Reuters | The Wall Street Journal | CNBC.

EGX30	47,002	-1.0% (YTD: +12.4%)
USD (CBE)	Buy 52.75	Sell 52.89
USD (CIB)	Buy 52.75	Sell 52.85
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	11,090	+0.1% (YTD: +5.7%)
ADX	9,597	-0.1% (YTD: -4.0%)
DFM	5,511	-0.1% (YTD: -8.9%)
S&P 500	6,369	-1.7% (YTD: -7.0%)
FTSE 100	9,967	-0.1% (YTD: +0.2%)
Euro Stoxx 50	5,506	-1.1% (YTD: -4.9%)
Brent crude	USD 112.57	+4.2%
Natural gas (Nymex)	USD 3.03	+3.3%
Gold	USD 4,524	+2.6%
BTC	USD 66,755	+1.1% (YTD: -23.8%)
S&P Egypt Sovereign Bond Index	1,040	+0.1% (YTD: +4.7%)
S&P MENA Bond & Sukuk	148.74	-0.4% (YTD: -2.1%)
VIX (Volatility Index)	31.05	+13.2% (YTD: +107.7%)

THE CLOSING BELL-

The EGX30 fell 1.0% at Thursday’s close on turnover of EGP 5.8 bn (12.1% below the 90-day average). International investors were the sole net sellers. The index is up 12.4% YTD.

In the green: Arabian Cement (+5.3%), Heliopolis Housing (+2.4%), and Misr Cement (+0.5%).

In the red: Abu Qir Fertilizers (-3.8%), Edita (-3.5%), and Valmore Holding -EGP (-2.5%).

CORPORATE ACTIONS-

Alexandria Mineral Oils Company (AMOC) will pay out a dividend of EGP 0.40 per share for its 2H 2025 earnings, after its ordinary general assembly greenlit the move, according to a statement.

CALENDAR

2026

MARCH

30 March-1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).

APRIL

2 April (Thursday): Monetary Policy Committee’s second meeting of 2026.

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

21 May (Thursday): Monetary Policy Committee’s third meeting of 2026.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

JUNE

15 June (Monday): Seventh review of the IMF’s Extended Fund Facility

30 June (Tuesday): National holiday in observance of the June 30 Revolution (TBC).

JULY

9 July (Thursday): Monetary Policy Committee’s fourth meeting of 2026.

23 July (Thursday): National holiday in observance of Revolution Day (TBC).

AUGUST

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

26 August (Wednesday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

SEPTEMBER

15 September (Tuesday): IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

DECEMBER

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

Early 2026: Passenger operations on the New Administrative Capital-Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna-Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

May 2026: End of extension for developers on 15% interest rates for land installment payments.

July 2026: British Prime Minister Keir Starmer set to visit Egypt.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

20 January-7 February: Egypt to host the African Games.

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings.

2027: Egypt-EU Summit 2027.

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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