Gov't signs 7 agreements with int'l developers for green hydrogen, renewable energy projects

CAIRO - 28 February 2024: Egyptian Prime Minister Dr. Mostafa Madbouly witnessed Wednesday the signing ceremony of 7 cooperation agreements in the fields of green hydrogen and renewable energy.

 

A total of 7 international developers and a number of government agencies were attending the signing ceremony, including: the Sovereign Fund of Egypt; the General Authority for the Suez Canal Economic Zone; the New and Renewable Energy Authority; the Egyptian Electricity Transmission Company; in addition to the presence of Dr. Mohamed Shaker Al-Marqabi, the Minister of Electricity and Energy; Engineer Tarek El Molla, the Minister of Petroleum and Mineral Resources, and Dr. Hala Al-Saeed, the Minister of Planning and Economic Development, and lastly, the Chairman of the Board of Directors of the Sovereign Fund of Egypt.

 

The ceremony took place at the Government Headquarters in the New Administrative Capital. 

 

On the sidelines of the signing, Dr. Hala Al-Saeed said that the signing of the memorandums of understanding today represents "a new step for the Fund in the series of investment partnerships with major international companies to establish projects in the field of green hydrogen in the Suez Canal Economic Zone," as the memorandums of understanding that were signed with 7 developers add expected investments, for the pilot phase, about $12 billion, in addition to about $29 billion for the first phase, bringing the total investments to about $40 billion within 10 years.

 

Al-Saeed explained that the Fund succeeded months ago in launching the first integrated green ammonia production plant in Africa and emerging markets in partnership with a number of international companies, noting that today’s signing marks the beginning of investment partnerships and new projects, all of which contribute to achieving the goals of the National Green Hydrogen Strategy.

 

The Minister of Planning added that the Sovereign Fund of Egypt seeks, in turn, to promote Egypt as a regional center for green energy, and this is reinforced by the serious approach by the state and all its institutions to stimulate investment in this sector, which comes at the forefront of the targeted sectors within the framework of investment incentive packages launched by the state in the recent period, whether from through the decisions of the Supreme Council for Investment last May or through the decisions and legislation issued in this field.

 

For his part, Ayman Soliman, CEO of the Sovereign Fund of Egypt, said: “The Fund is receiving continuous and increasing interest from investors in green hydrogen projects, and today’s signing reflects the growing interest of companies in joining the Egyptian green hydrogen program, which reflects the country’s progress on the right path through establishing a clear program.”