CAIRO – 8 October 2024: Egypt’s Scatec has secured a €30 million grant from the PtX Development Fund (PtX Hydrogen Mechanism) to support the country’s green hydrogen project, according to a statement by the Ministry of Planning and Economic Development.
The initiative is set to accelerate green transformation in the Suez Canal Economic Zone, promoting climate neutrality in energy- and resource-intensive industries.
By harnessing the region’s vast wind and solar energy resources, the project aims to enhance local value creation and is expected to generate 1,330 jobs across construction, operation, and maintenance stages.
It is projected to produce 70,000 tons of green ammonia, setting the stage for the sustainable transformation of Egypt’s industrial sector.
The agreement was signed in the presence of Minister of Planning and Economic Development, Rania Al-Mashat, during the Hamburg Sustainability Conference.
Al-Mashat highlighted that this agreement results from ongoing collaboration between the Egyptian Ministry of Planning and Economic Development and the German Federal Ministry of Economic Cooperation and Development.
A declaration of intent for green hydrogen cooperation was previously signed between the Egyptian and German governments in 2022.
The German Federal Ministry has also allocated €270 million through KfW to support Power-to-X markets in developing and emerging countries.
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