The Egyptian government signed seven memoranda of understanding with foreign companies for green hydrogen production and renewable energy investments amounting to $41 billion, the Egyptian Ministry of Planning and Economic Development announced late on Wednesday.
Under the agreements, the first phase of an investment in the sum of $12 billion will be made in the Suez Canal Economic Zone, followed by $29 billion, both of which are anticipated to be completed within ten years.
Green hydrogen is obtained by separating hydrogen from water by electrolysis using electricity from renewable energy sources. In this process, carbon dioxide and derivatives are not released.
These agreements come on the heels of the launch of a $3.1 billion green hydrogen production project between Egypt and a foreign company in December 2023.
