Saturday April 20th, 2024
Download the app
Copied

Egyptian Government Signs USD 40 Billion Deals to Develop Green Energy

The seven deals signed with various domestic and international companies seek to promote Egypt as a regional centre for green energy.

Cairo Scene

Egyptian Government Signs USD 40 Billion Deals to Develop Green Energy

The Ministry for Planning and Economic Development has signed seven deals with a total value of around USD 40 billion to develop green hydrogen and renewable energy projects in the Suez Canal Economic Zone over the next 10 years.

The pilot phase of investment is expected to amount to around USD 12 billion, with a further USD 29 billion to follow afterwards. These agreements are the latest steps in promoting Egypt as a regional centre for green energy, following the launch of the first integrated green ammonia production plant in Africa in November 2023.

Government-provided incentives for green hydrogen projects and their derivatives have been doubled recently, with the government aiming to attract USD 35 billion in direct foreign investment over the next five years, expecting an annual increase of 15% to 20% year-on-year, as it seeks to boost economic growth and shore up foreign currency reserves to cover foreign debts.

×

Be the first to know

Download

The SceneNow App
×