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Egypt Inks $40 Billion Deals with Global Investors for Renewable Energy

March 3, 2024
Image Credit: Egyptian Cabinet/Facebook

Egypt sealed agreements with seven global developers on 28 February for green hydrogen and renewable energy projects, expected to attract investments totalling USD 40 billion (EGP 1.2 trillion).

The inked Memoranda of Understanding (MOUs), announced by the country’s cabinet through a Facebook statement, are expected to create significant strides towards sustainable energy initiatives over the next decade.

Prime Minister Mostafa Madbouly presided over the signing ceremony, accompanied by Minister of Electricity and Renewable Energy Mohamed Shaker and Minister of Planning and Economic Development Hala El-Said.

“El-Saeed clarified that the Fund succeeded months ago in launching Africa’s first integrated green ammonia production plant and emerging markets in partnership with a number of global companies, indicating that today’s signing marks the beginning of new investment partnerships and projects that all contribute to achieving the goals of the National Green Hydrogen Strategy,” the cabinet statement reads, adding that the green hydrogen projects will be established in the Suez Canal Economic Zone.

Furthermore, El-Said highlighted the endeavour of the Sovereign Fund of Egypt (TSFE) to position Egypt as a central hub for green energy initiatives. She also noted the successful launch of Egypt’s integrated plant for green ammonia production in emerging markets – the first of its kind in Africa.

The Egyptian government has been prioritising renewable energy projects, highlighted further by President Abdel Fattah Al-Sisi during the opening speech of COP27 in Sharm El Sheikh.

By 2030, the government aims to generate 42 percent of power through renewable energy, and up to 60 percent by 2040.

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