Green Hydrogen
The value of the projects to be established per those agreements is $85 billion.
The signing took place between the fund and nine developers on the sidelines of COP 27 hosted by Egypt in Sharm El Sheikh.
They met on the sidelines of COP 27.
President Sisi stipulated that Egypt had set a strategy to become a hub for hydrogen production on the medium and long run.
German Chancellor Olaf Scholz said that his expectations for the future are that there will be a point when all government projects and the business sector will switch to using green hydrogen as a primary source.
The plant is located in Ain Sokhna, and the capacity of its first phase is 100 megawatts.
The declaration of intent was signed by the Egyptian side, Tarek El-Molla, Minister of Petroleum and Mineral Resources, by the German side, Robert Habeck, German Vice-Chancellor and Federal Minister for Climate Action and Economic Affairs.
President El-Sisi was also briefed on progress in electricity interconnection projects with neighboring countries, especially Saudi Arabia, Greece and Cyprus.
This came as President Sisi met in Egypt with Chairman of FFI Andrew Forrest in the presence of Minister of Electricity and Renewable Energy Mohamed Shaker, and Minister of Petroleum and Mineral Resources Tarek El Molla, the Presidency said in a statement.
The study explains that this comes in light of the government’s efforts to diversify the basket of energy sources in recent years, where opening the door for investments in green hydrogen is considered a promising field in the event of overcoming various challenges.
The study explains that this comes in light of the government’s efforts to diversify the basket of energy sources in recent years, where opening the door for investments in green hydrogen is considered a promising field in the event of overcoming various challenges.
The international consortium includes the British Globeleq Company, the Saudi Alfanar Company, the Emirati Alcazar Energy Company, the Emirati K & K Company, and the American-Egyptian MEP Energy Company.
Recently, Egypt has signed a series of deals with global companies for green hydrogen production in the Suez Canal Economic Zone, including India's ReNew Power, Norway's Scatec, Germany's H2-Industries, and Abu Dhabi Future Energy Company (Masdar).
Zaki said that the economic zone aims to enhance cooperation with some companies that are members of the Federation of Indian Chambers and to study investment opportunities in the textiles, chemicals, programming, information technology and operating systems sectors, as well as the industries of auto engine parts, devices and medical supplies.
"The signing of MOUs was to provide an opportunity for the companies to carry out technical, financial, and legal feasibility studies, which qualifies them to invest and move forward to sign the final contracts in coinciding with COP27 conference that Egypt will host next November, to start the first phase of green fuel production by 2025," Zaki added
Those are in the sectors of infrastructure, logistics, port management, food industries, pharmaceuticals, traditional energy, renewable energy, e-payment, digital financial and information solutions.
Minister of Foreign Affairs Sameh Shokry met Monday with President of the European Investment Bank Werner Hoyer within his visit to Luxembourg.
He pointed out that the fund continues to offer and create more new opportunities in the field of green hydrogen, especially as it has become one of the most important sectors in the world.
Egypt will launch Thursday the National Strategy for Climate Change 2050 in an event that will be attended by Prime Minister Mostafa Madbouli and a large number of ministers.
European Union Ambassador to Cairo Christian Berger said Tuesday that the union supports Egypt to become a major hub of energy in the Middle East, North Africa, and Mediterranean.
