Egypt’s Finance Minister Ahmed Kouchouk said energy is central to fiscal and economic sustainability, adding that the government is taking an integrated approach to tackling the sector’s challenges and implementing fundamental solutions.

Speaking at the “Egypt’s Energy Journey” session at the Egypt 2026 Forum, Kouchouk said achieving tangible, lasting results requires substantial investment and policy consistency.

 These investments take time to translate into increased production, more efficient energy use and stronger fiscal sustainability, he added.

Kouchouk said Egypt had taken significant steps despite exceptionally difficult regional and global conditions and record-high interest rates.

The government settled more than $6.1 billion in outstanding payments to foreign partners in a record period of just under a year, while pressing ahead with strategic projects and keeping the El Dabaa nuclear power project on schedule.

Egypt’s gas import bill will fall by around $4 billion annually as the El Dabaa nuclear power plant comes on stream in 2029 and 2030, he said.

“We are supporting the energy sector and have shouldered substantial financial burdens to put it on a stronger footing in the near future,” the minister said.

Kouchouk highlighted the completion of the electricity interconnection with Saudi Arabia and ongoing work to upgrade transmission and distribution networks to make the most of new energy capacity in the coming period.

Every additional gigawatt of new energy capacity saves between $200 million and $250 million a year on natural gas imports, he said. Egypt is working to add up to 27 gigawatts of new and renewable energy capacity over the coming years. 

The government is also developing an initiative to expand solar power use in industry by shifting part of the sector’s energy consumption to solar. 

The initiative aims to save around $145 million annually through lower gas consumption, equivalent to EGP 7.5 billion, Kouchouk said.

Measures introduced last March to curb energy spending helped reduce the energy bill of budget sector entities, the minister said, adding that savings totalled EGP 7 billion last year.

Kouchouk said the government continues to manage fiscal risks and use hedging to address challenges. Hedging delivered net savings of $150 million last year, he added.