Posted on 10 Nov 2023
Egypt’s Suez Canal Economic Zone (SCZONE) has signed $15.6 billion in agreements with Chinese investors for manufacturing and green hydrogen projects, the Egyptian government’s state information service said this week.
The agreements will see the establishment of 11 manufacturing and green hydrogen projects in the country, creating around 9,000 jobs, according to SCZONE chairman Walid Gamal El-Din. The deals were signed during last month’s Belt and Road Forum for International Cooperation held in China, attended by Egyptian Prime Minister Mostafa Madbouly, Kallanish learns.
SCZONE, however, did not disclose further details about the projects and the investors.
In recent months, Egypt has inked multiple agreements with international partners for the production of green hydrogen and its derivatives in SCZONE. In August, for instance, the Egyptian government inked a $4 billion deal with Indian renewable energy firm Ocior for green hydrogen projects.
More recently, the government partnered with Maersk’s green methanol development firm C2X to build a green fuel production facility in SCZONE, with around $3 billion in investments.
In December 2022, SCZONE signed seven MOUs for green hydrogen production in Egypt in partnership with international and local companies including ACWA Power, China Energy, DAI, Voltalia, bp and TAQA.
The total investment in hydrogen infrastructure in Egypt is expected to reach $500 billion by the end of this decade, Hala Al-Said, Egyptian minister of planning and economic development, said last year.
Source:Kallanish
