CAIRO- 27 July 2022: Egypt adopts a vision for transforming the Suez Canal Zone into a leading regional hub for green energy industries, Prime Minister Mostafa Madbouli said, noting that President Abdel Fattah El Sisi is regularly following up with the government the efforts to make this vision a reality.
Madbouli made the remarks during a meeting with CEO and Board Chairman of India's leading renewable energy independent power producer (IPP) ReNew Power Private Ltd. Sumant Sinha and his accompanying delegation, following the signing ceremony of a memorandum of understanding (MoU) between the company and the Egyptian government on Wednesday.
The deal seeks to initiate the preliminary studies necessary for establishing a $8-billion green hydrogen project in the Suez Canal Economic Zone (SCZone).
Minister of Electricity and Renewable Energy Mohamed Shaker, Minister of Planning and Economic Development Hala El Said, head of the General Authority for the Suez Canal Economic Zone Yahya Zaki, and CEO of the Sovereign Fund of Egypt Ayman Soliman attended the meeting.
Reviewing the government's efforts to achieve Egypt Vision 2030 for sustainable development, Madbouli stressed that Egypt is committed to increasing its green hydrogen production, making use of the global attention to clean energy transition.
Meanwhile, Sinha hailed the remarkable development Egypt has been witnessing recently, which contributed to creating massive clean energy investment opportunities, especially in the green hydrogen industry, an area of vital importance as the country is gearing up for hosting the upcoming global climate summit (COP27) in November.
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