Egypt, EU Consortium to Invest €7 Billion in Green Hydrogen Initiative

During a significant event at the Egyptian-European Investment Conference, President Abdel Fattah el-Sisi, alongside European Commission President Ursula von der Leyen, officially commenced the proceedings.

The conference featured the signing of a crucial cooperation agreement focused on the production of green hydrogen and its derivatives, such as green ammonia, in the Ras Shuqair region.

The signing ceremony was attended by Prime Minister Dr. Mostafa Madbouly, Minister of Electricity and Renewable Energy Dr. Mohamed Shaker, Minister of Transport Kamel El-Wazir, and European Commission Executive Vice-President Valdis Dombrovskis, Commissioner for Trade.

The agreement, involving the Red Sea Ports Authority and the New and Renewable Energy Authority, was inked with a consortium of EDF Renewables (France) and Zero Waste (a joint Egyptian/Emirati venture).

Minister of Transport Kamel El-Wazir emphasized that this initiative aligns with presidential directives to localize the green hydrogen industry, optimize the investment climate, and position Egypt as a regional and global energy hub. The project is expected to significantly boost sustainable development by localizing green hydrogen production and attracting major corporations to establish similar ventures.

Minister El-Wazir noted the project's unique nature, highlighting that the state is not required to provide any infrastructure or utilize electricity grid facilities for the project, nor does it bear any financial commitments.