Investments worth USD40 billion were sealed by the Egyptian government on 28 February in the field of green hydrogen and renewable energy. Seven memoranda of understanding (MoU) were signed between a number of government agencies and international developers.
Attending the signing ceremony were Prime Minister Mostafa Madbouly, together with Minister of Electricity and Renewable Energy, Mohamed Shaker; Minister of Petroleum and Mineral Resources, Tarek El Molla; and Minister of Planning and Economic Development and Chair of The Sovereign Fund of Egypt, Hala Elsaid.
According to Dr Elsaid, investments for the pilot phase are expected to stand at USD12 billion; the first phase should touch on USD29 billion, thus bringing the total investments to some USD40 billion within 10 years. She said that TSFE succeeded months ago in launching the first integrated plant for green ammonia production in Africa and emerging markets, in partnership with a number of international companies. “Today’s MoUs, Dr Elsaid noted, “mark the beginning of investment partnerships and new projects, all of which contribute to achieving the goals of the National Green Hydrogen Strategy.”
Signing on behalf of the government were Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone; Mohamed El-Khayat, Chairman of the New and Renewable Energy Authority; Ayman Soliman, CEO of The Sovereign Fund of Egypt (TSFE); and Khaled Abdel Karim Hassan, the full-time member responsible for studies, designs, and overseeing the sectors of central projects at the Egyptian Electricity Transmission Company.
As for the global developers, the agreements were signed by Kofi Owusu-Bempah, CEO and Managing Partner of UK-based Pash Global; Joao Cunha, Chief Operating Officer & Deputy CEO of Switzerland-based Smartenergy; Ihab Demian, Managing Director of Cairo-based Gama Construction representing the company’s consortium with France-based Meridiam; SK Eco Plant and CSCEC North Africa consortium represented by Bae Seong-Jun, vice president and head of energy business of South Korea’s SK Ecoplant; Wang Zhi, General Manager, CSCEC Egypt, a unit of China State Construction Engineering Corp; Mohamed H. Tawakol, Board Member of Egypt-based Gila Al Tawakol Electric; Yahya Abu Al-Hassan, Business Development Director, Canada-based AmmPower; and Kamel El-Sawi, the Egypt President of Hong Kong-based United Energy Group (UEG).
The MoUs come a few days following the huge investment deal between the Egyptian government and the UAE to develop Ras al-Hekma on Egypt’s Mediterranean coast, raising hopes among Egyptians for an end to the economic doldrums they have been living through since 2020.
Watani International
28 February 2024
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