Egypt is pressing ahead with efforts
to lure foreign investments into green hydrogen production, part of its
ambitious plans to become a transit route for clean energy to Europe, according
to Prime Minister Mostafa Madbouli.
In a meeting on Sunday, Madbouli said the country's efforts includes introducing additional incentives for investors, and updating Egypt's energy strategy to include green hydrogen.
The meeting was attended by Electricity Minister Mohamed Shaker, Planning and Economic Development Minister Hala El-Said, Chairman of the Suez Canal Economic Zone (SCZone) Yehia Zaki, and Ayman Suleiman, CEO of Egypt’s Sovereign Wealth Fund (SWF).
Madbouli reiterated the importance of attracting foreign investment in green hydrogen to the country’s strategy of becoming a regional center for renewable energy.
The recently signed Memorandum of Understandings (MoUs) with foreign partners, such as those to produce and export green hydrogen in the Suez Canal Economic Zone, should be swiftly activated as per President Abdel-Fattah El-Sisi's directives, the premier said during today's meeting.
Egypt has been reviewing various offers submitted by international companies to establish green hydrogen projects in the SCZone, as the country seeks to localize the production of the clean-burning fuel.
"All these efforts would turn Egypt into a route for the transit of clean energy to Europe and the world," Madbouli pointed out.
He noted that Egypt is seeking to attract more cooperation and investment in green transformation projects in the near future, particularly in light of the county's presidency of the United Nations Climate Change Conference 2022 (COP27).
The UN event is slated to be held in November in the coastal Egyptian resort city of Sharm El-Sheikh.
Source: Egypt Today
