It is certainly not the state flag, but probably the flag of the army of the Republic of Egypt (state flag has no red/white/black shield on the eagle). Note that it is not exactly the same. No crossed swords. Eagle is facing left above and right with the balloons. The shield colors are reversed. Perhaps the balloon picture is reversed.
Incidentally, the colors represent:
Red=Revolution
White=Bright Future
Black=Dark Past.
The site was last updated May 23, 2001.