CAIRO, Egypt – Egypt has signed agreements with seven international developers, worth a potential $41 billion over ten years, to build green hydrogen and renewable energy projects in the Suez Canal Economic Zone, the government announced on Wednesday.
These Memoranda of Understanding (MoUs) represent a new step for the Sovereign Fund of Egypt (TSFE) in partnering with major companies, according to Hala Al-Saeed, the country’s Minister of Planning and Economic Development. The projects are expected to involve investments of $12 billion in the pilot phase and $29 billion in the first phase, totaling $40 billion over ten years.
The agreements encompass a diverse range of projects, including the production of green hydrogen, green ammonia, and renewable energy, contributing to Egypt’s push towards a sustainable future.