Egypt signed seven Memoranda of Understanding (MoUs) in green hydrogen and renewable energy with seven global developers with expected investments worth $41 billion over ten years, the Egyptian Government announced.

Hala Al-Saeed, Egypt’s minister of Planning and Economic Development, stated that these agreements mark a significant milestone for the Sovereign Fund of Egypt (TSFE) in its collaborative investments with prominent global companies. The primary objective is to establish green hydrogen projects within the Suez Canal Economic Zone.

Al-Saeed further explained that the agreements are projected to bring in investments of $12 billion for the pilot phase and an additional $29 billion for the first phase, resulting in a total investment of $41 billion over the course of ten years.

Additionally, the scope of these agreements encompasses diverse projects, including the production of green hydrogen, green ammonia, and renewable energy.

In October 2023, Mohamed Shaker, minister of Electricity and Renewable Energy, said the private sector in Egypt is working on renewable energy projects valued at $4.4 billion. Moreover, these projects aim to increase Egypt’s renewable power capacity to 10,000 megawatts by 2025.