The Memoranda of Understanding (MoUs) were signed on February 28 in the presence of Egyptian Prime Minister Mostafa Madbouly along with various government agencies, 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.
During the ceremony, Hala Al-Saeed, the Minister of Planning and Economic Development, remarked that the signing of these seven MoUs marks a significant stride for the Fund in establishing investment partnerships with prominent international companies for the development of green hydrogen projects in the SCZONE.
Al-Saeed elaborated that the new agreements entail expected investments totaling approximately $12 billion for the pilot phase and around $29 billion for the first phase. This brings the cumulative investments to about $40 billion over a span of 10 years.
Furthermore, Al-Saeed highlighted that the Fund recently inaugurated the first fully integrated green ammonia production facility in Africa. She noted that these new MoUs signify the initiation of investment collaborations and new projects, all of which align with the objectives of the National Green Hydrogen Strategy.
