CAIRO: Egypt signed seven Memoranda of Understanding (MoUs) on Wednesday in green hydrogen and renewable energy with seven global developers with expected investments worth $41 billion over ten years, the Egyptian Government announced.

Egyptian Minister of Planning and Economic Development Hala Al-Saeed said that the agreements represent a new step for the Sovereign Fund of Egypt (TSFE) in its investment partnerships with major global companies to establish green hydrogen projects in the Suez Canal Economic Zone.

She added that the agreements are expected to bring in investments of $12 billion for the pilot phase and $29 billion for the first phase, for a total of $40 billion over 10 years.

The agreements cover a wide range of projects, including the production of green hydrogen, green ammonia, and renewable energy.

Source: Emirates News Agency