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03.03.24 16:16

Society

Egypt signs agreements on green energy projects

The contracts will bring more than $40 billion in investment over 10 years

Egyptian authorities have signed agreements with seven international developers to implement green hydrogen and renewable energy projects. The contracts will help attract more than US$40 billion in investment into the country's economy over the next 10 years, Daily News Egypt, a partner of TV BRICS.

The agreements also cover the production of green ammonia. The projects are expected to be realised in the Suez Canal economic zone.

Hala El-Said, Minister of Planning and Economic Development revealed that the contracts are expected to bring US$12 billion in investment in the pilot phase and US$29 billion in the first phase of implementation.

These agreements could make Egypt a major centre for the production and export of green hydrogen, the publication notes.

Photo: IStock

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