CAIRO – 28 February 2024: Total of seven agreements have been signed between Egyptian government entities and international developers. These agreements aim to implement green hydrogen and renewable energy projects in the Suez Canal Economic Zone (SCZone) over a period of 10 years. The investments for these projects are expected to exceed $40 billion.
The agreements include investments of $12 billion for the pilot phase and approximately $29 billion for the first phase. The Minister of Planning and Economic Development, Hala El Said, confirmed these details in a statement.
The signing ceremony took place in the presence of Prime Minister Mostafa Madbouly and involved four Egyptian entities: The Sovereign Fund of Egypt (TSFE), the SCZone, the New and Renewable Energy Authority, and the Egyptian Electricity Transmission Company.
El Said highlighted the TSFE's previous success in launching the first integrated plant for producing green ammonia in Africa and emerging markets. This achievement was made possible through partnerships with several international companies.
As part of Egypt's strategy to advance investments in the green energy sector, the TSFE aims to establish Egypt as a regional hub for green energy.
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