(MENAFN- Daily News Egypt)
Egypt secured nearly $33bnin investments for four green ammonia projects during the Egypt-EU investment conference held in Cairo.
Prime Minister Mostafa Madbouly oversaw the signing of agreements between the Sovereign Fund of Egypt (TSFE) and European developers, signalling growing international interest in Egypt's green energy sector.
The agreements, witnessed by key ministers and officials, outline the development of green ammonia projects in the Suez Canal Economic Zone (SCZone), specifically in East port Said and Sokhna Port.
The largest agreement, valued at $14bn, involves British Petroleum (BP), Masdar, Hassan Allam Utilities, and Infinity Power Holding for a project in Sokhna Port. Another significant agreement, worth $11bn, was signed with DAI Infrastructure for a project in East Port Said.
The signatories included Nader Zaki, Regional President for the Middle East and North Africa at BP, Andreas Bieringer, Director of Hydrogen Business Development & Commercial at MASDAR, Karim Hefzy, CEO of Hassan Allam Utilities, and Mohamed Ismail Mansour, Chairperson of Infinity Power Holding.
Two additional agreements were signed with OCIOR Energy and a consortium of TAQA Arabia and Voltalia, both for projects in Sokhna Port, with investments totalling $4.25bn and $3.46bn respectively.
It was signed by Khaled Abu Bakr, Chairperson of TAQA Arabia, and Pakinam Kafafi, CEO of TAQA Arabia, along with Karim El-Azzawi, Regional Director of Voltalia, and Angela Africano, Head of Special Projects at Voltalia.
Another agreement, valued at $11bn, was signed with DAI Infrastructure and aims to establish a green ammonia project in East Port Said. It was signed by Mourad Sami, DAI Infrastructure representative in Cairo.
Waleid Gamal El-Din, Chairperson of SCZone, emphasised the confidence these investments demonstrate in the Egyptian economy and the attractiveness of SCZone's investment incentives. Ayman Soliman, CEO of TSFE, highlighted the fund's commitment to promoting Egypt as a regional green energy hub by partnering with international players in the renewable energy sector.
These agreements align with the Egyptian government's recent investment incentive packages and its ambition to position the country as a leader in green energy production. The projects are expected to contribute significantly to Egypt's renewable energy goals and its efforts to decarbonize its energy sector.
The signing ceremony was attended by Mohamed Shaker, Minister of Electricity and Renewable Energy, and Hala El-Said, Minister of Planning and Economic Development.
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