ISTANBUL

Egypt has signed seven memorandums of understanding (MoUs) with international developers and government entities in the fields of green hydrogen and renewable energy, the Egyptian State Information Service said Wednesday.

Prime Minister Mostafa Madbouly and a number of ministers attended the signing ceremony for the agreements at the government headquarters in the new administrative capital, it said.

“The signing of the memorandums of understanding represents a new step for The Sovereign Fund of Egypt in a series of investment partnerships with major global companies to establish projects in the field of green hydrogen in the Suez Canal Economic Zone,” noted Minister of Planning and Economic Development Hala El-Said.

“The memorandums of understanding signed with seven developers are expected to attract investments of around $12 billion for the pilot phase in addition to approximately $29 billion for the first phase, bringing the total investment to about $40 billion over 10 years,” she added.

Ayman Soliman, the chief executive officer of The Sovereign Fund of Egypt, said “the fund continues to receive growing interest from investors in green hydrogen projects. Today's signing reflects the increasing interest of companies to join Egypt's green hydrogen program, which demonstrates the country's progress in the right direction by establishing a clear and comprehensive program supported by all state entities.”