Prime Minister Mostafa Madbouly has witnessed the signature of seven cooperation agreements in the field of green hydrogen and renewable energy with seven international developers to be implemented in the Suez Canal Economic Zone (SCZone).

The signature ceremony was held in attendance of Minister of Petroleum and Mineral Resources Tarek El Molla, Minister of Electricity and Renewable Energy Mohamed Shaker, and Minister of Planning and Economic Development Hala El-Said, in addition to other officials. 

On the sidelines of the ceremony, El-Said stated that these agreements are  a new step for The Sovereign Fund of Egypt (TSFE) to have new partnerships with major international companies to establish green hydrogen projects in the SCZone. 

She added that the expected investment during the trial phases will be $12 billion, in addition to $29 billion for implementing the first phase which will push total investments to exceed $40 billion in ten years. 

El-Said noted that TSFE successfully launched the first integrated plant for green ammonia production in Africa months ago in partnership with several international companies. 

Minister of Planning added that TSFE seeks to promote Egypt as a regional energy hub for green energy and this can attract more investments in the state’s energy sector.

For his part, the CEO of TSFE, Ayman Soliman, said “The Fund is receiving continuous and increasing interest from investors in green hydrogen projects, and today’s signing reflects the growing interest of companies in joining the Egyptian green hydrogen program, which reflects the state’s progress on the right path through establishing a clearly defined and fully-fledged program supported by all state agencies.”