Foreign investments

Egypt wants to attract foreign investment in green hydrogen projects, says PM Madbouly – Energy – Business

Prime Minister Mostafa Madbouly.(Photo:Al-Ahram)

At a meeting on Sunday, Madbouly said the country’s efforts include introducing additional incentives for investors and updating Egypt’s energy strategy to include green hydrogen.

The meeting brought together Minister of Electricity Mohamed Shaker, Minister of Planning and Economic Development Hala El-Said, Chairman of the Suez Canal Economic Zone (SCZone) Yehia Zaki and Ayman Soliman, CEO of the Sovereign Wealth Fund Egyptian (SWF).

Madbouly reiterated the importance of attracting foreign investment in green hydrogen in the country’s strategy to become a regional hub for renewable energy.

The recently signed memorandum of understanding with foreign partners, such as those producing and exporting green hydrogen in the Suez Canal economic zone, should be quickly activated in accordance with the directives of President Abdel-Fattah El-Sisi, said said the Prime Minister at today’s meeting. .

Egypt has reviewed various bids submitted by international companies to establish green hydrogen projects in the SCZone, as the country seeks to localize clean-burning fuel production.

“All these efforts would make Egypt a clean energy transit route to Europe and the world,” Madbouly said.

He noted that Egypt is seeking to attract more cooperation and investment in green transformation projects in the near future, especially in light of the country’s presidency of the 2022 United Nations Climate Change Conference ( COP27).

The UN event is set to be held in November in the Egyptian resort town of Sharm el-Sheikh.

There is growing international interest in hydrogen as an energy source because it produces zero emissions, and many see it as the solution to limiting global warming.

Green hydrogen is hydrogen produced by electrolysis from renewable energies. The method uses an electric current to separate hydrogen from oxygen in water without producing carbon dioxide.

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