Over the period 2007-2013, a series of undertakings were made to introduce fundamental elements of decentralized education finance to Egypt. In 2009, 8.4M Egyptian pounds (EGP) of the Government of Egypt's (GOE) budget was decentralized to every primary school in three pilot governorates. By 2013, EGP 1.2B of the GOE's money had been decentralized nationwide. This paper describes what these undertakings strived to achieve, what specifically was done to achieve these objectives, the degree to which these objectives were achieved, the reasons why they were achieved to the degree they were with particular attention paid to the institutional and political context within which these undertakings unfolded. The account of the technical work that was undertaken to decentralize these funds is important, but more important is the account of the interplay between the technical work, the fact that this work supported a GOE-led initiative, and the volatile political environment--pre-revolution, revolution, and post-revolution Egypt--in which the work was done for it is here where important lessons about reform emerge.