CAIRO - 29 February 2024: Prime Minister, Mostafa Madbouly, has directed the government's efforts towards conducting a meeting with various companies that had entered into green hydrogen agreements. The objective of this gathering is to establish a comprehensive system of incentives that will be granted to those who actively participate in the implementation and operation of these projects.
Egypt has achieved progress in the realm of green hydrogen, having successfully signed 27 memorandums of understanding with international developers.
Additionally, Egypt has also entered into 10 binding framework agreements, as revealed by Randa Al-Minshawy, First Assistant to the Prime Minister and Head of the Technical Secretariat of the National Green Hydrogen Council.
The Cabinet has granted approval for the establishment of the International Center for Green Hydrogen at the Nile University headquarters. The center will serve as a valuable resource for various universities, the Official Spokesman for the Egyptian Cabinet, Mohamed El Hommosany stated.
Furthermore, the Cabinet has also endorsed the terms of the Green Hydrogen Industry Support Initiative, amounting to €270 million.
This initiative, originating from Germany, aims to enhance hydrogen projects in selected countries, including Egypt, Morocco, Brazil, South Africa, Georgia, Kenya, and India.
In recent developments, Egypt has signed seven agreements with international developers to implement green hydrogen and renewable energy projects within the Suez Canal Economic Zone (SCZONE) over the course of ten years.
These agreements are expected to attract investments exceeding $40 billion. Minister of Planning and Economic Development, Hala El Said, has disclosed that these agreements will provide $12 billion for the pilot phase and an additional $29 billion for the first phase of the projects.
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