Egyptian Cabinet signs USD40B deal for green hydrogen, renewable energy projects
Date
2/29/2024 3:48:05 AM
(MENAFN) In a significant move towards bolstering its renewable energy sector, the Egyptian Cabinet has sealed seven agreements with international developers aimed at implementing projects focused on green hydrogen and renewable energy within the Suez Canal Economic Zone. The total investments associated with these agreements surpass USD40 billion, signaling a substantial commitment to fostering sustainable energy infrastructure.
According to a statement issued by the Cabinet on Wednesday, the agreements encompass a diverse range of initiatives aimed at harnessing the potential of green hydrogen and renewable energy technologies. Notably, the investment value allocated for the pilot phase of these agreements stands at USD12 billion, with an additional USD29 billion earmarked for the subsequent first phase of implementation. This collective investment is projected to unfold over a span of ten years, underlining the long-term vision and commitment of the stakeholders involved.
The signing ceremony, presided over by Egyptian Prime Minister Mostafa Madbouly, took place at the government headquarters located in the New Administrative Capital. The agreements were signed by seven international developers in collaboration with several key government entities, including the Sovereign Fund of Egypt, the General Authority for the Suez Canal Economic Zone, the New and Renewable Energy Authority, and the Egyptian Electricity Transmission Company.
This strategic collaboration underscores Egypt's proactive stance towards advancing its renewable energy agenda and fostering partnerships with international stakeholders to drive sustainable development initiatives. By leveraging the expertise and resources of both public and private entities, Egypt aims to position itself as a regional leader in renewable energy innovation and contribute significantly to global efforts aimed at mitigating climate change.
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