On 28 February, the Egyptian government signed seven memoranda of understanding (MoU) for green hydrogen and renewable energy projects to be installed in the Suez Canal Economic Zone (SCZONE).
These initiatives will be implemented by different international developers. During the signing ceremony of these agreements, Mostafa Madbouly, Egypt's Prime Minister, was present, as well as representatives from the Sovereign Fund of Egypt, the General Authority for the SCZONE, the New and Renewable Energy Authority and the Egyptian Electricity Transmission Company.
According to Hala Al-Saeed, Minister of Planning and Economic Development, these MoU will enable investments of approximately US$12bn during their pilot phase. In 10 years, the figure could increase to US$40bn in further developments.
For more information on projects in Egypt, please visit EICDataStream.