Egypt signs 7 green hydrogen Memoranda of Understanding worth $40 billion

Egypt and international developers have signed seven memoranda of understanding for green hydrogen and renewable energy projects in the Suez Canal Economic Zone, the government said in a statement according to Reuters. The framework agreements have a potential value of around $40 billion over 10 years.

Planning Minister Hala al-Said reportedly said investment in the pilot phase would be around $12 billion, followed by $29 billion in the first phase.

Over the past two years, Egypt has signed multiple memoranda of understanding and framework agreements to develop green hydrogen Reuters added. The country faces strong competition from other countries across North Africa and the Middle East as it tries to establish itself as a renewable energy and green hydrogen hub.