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HomeAfricaEgypt Inks $40 Billion in Green Hydrogen and Renewable Energy Agreements |...

Egypt Inks $40 Billion in Green Hydrogen and Renewable Energy Agreements | Sada Elbalad

Wed 28 Feb 2024 | 11:17 PM

On Wednesday, the Egyptian Cabinet finalized seven agreements with global developers to kick-start green hydrogen and renewable energy projects within the Suez Canal Economic Zone, marking an investment leap exceeding $40 billion.

In a statement released on Wednesday, the Cabinet detailed that the pilot phase of these agreements is valued at $12 billion, with the first phase accounting for $29 billion. The total investment is projected to surpass $40 billion over the next decade.

The signing ceremony, presided over by Egyptian Prime Minister Mostafa Madbouly at the government headquarters in the New Administrative Capital, involved seven cooperation agreements in the realms of green hydrogen and renewable energy. These agreements were forged between seven global developers and various government entities including the Sovereign Fund of Egypt, the General Authority for the Suez Canal Economic Zone, the New and Renewable Energy Authority, and the Egyptian Electricity Transmission Company.

Egyptian Minister of Planning and Economic Development, Hala El-Said, highlighted the Sovereign Fund of Egypt’s recent success in launching Africa’s first fully integrated green ammonia production plant in partnership with international companies. She emphasized that the signing signifies the onset of investment partnerships and new projects that align with the national strategy for green hydrogen.

Minister El-Said further stated that the Sovereign Fund of Egypt aims to promote Egypt as a regional hub for green energy, supported by the state’s comprehensive efforts to stimulate investment in the sector. This initiative is at the forefront of targeted sectors within the state’s recent investment incentive packages, underscored by decisions from the Supreme Investment Council last May and various laws and regulations in this domain.