2024-02-28 15:04:00
Dr. Mostafa Madbouly witnessed, prime ministerToday, at the government headquarters in the New Administrative Capital, the signing ceremony of 7 cooperation agreements in the fields of green hydrogen and renewable energy took place. Among 7 international developers and a number of government agencies: the “Sovereign Fund of Egypt,” the “General Authority for the Suez Canal Economic Zone,” the “New and Renewable Energy Authority,” and the “Egyptian Electricity Transmission Company,” in the presence of Dr. Mohamed Shaker Al-Marqabi, Minister of Electricity and Energy. Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, and Dr. Hala Al-Saeed, Minister of Planning and Economic Development, Chairman of the Board of Directors of the Sovereign Fund of Egypt.
The 7 agreements from government agencies were signed by: Walid Gamal El Din, Chairman of the General Authority for the Suez Canal Economic Zone, Dr. Mohamed El Khayyat, Chairman of the New and Renewable Energy Authority, Ayman Soliman, CEO of the Sovereign Fund of Egypt, and Eng. Khaled Abdel Karim Hassan, full-time member of studies and designs and supervisor of the central project sectors at the Egyptian Electricity Transmission Company.
While the agreements were signed by the developers: Kofi Owusu-Bempah, CEO of Bash Global, João Cunha, Chief Operating Officer of Smart Energy, and Ihab Damian, representing the Gamma Construction and Meridiam alliance. Bae Sung Jun and Wang Zi, representatives of the SK EcoPlant-CSK North Africa Alliance, Mohamed Tawakkol, Member of the Board of Directors of Tawakkol Gila, and Yahya Abu Al-Hassan, Business Development Director of AMM Power. And Kamel Abdel Hamid Al-Sawy, President of the Egypt Branch of United Energy Group.
On the sidelines of the signing, Dr. Hala Al-Saeed said that the signing of the memorandums of understanding today represents a new step for the Fund in the series of investment partnerships with major international companies to establish projects in the field of green hydrogen in the Suez Canal Economic Zone, as the memorandums of understanding that were signed with 7 developers add; Expected investments for the pilot phase are regarding $12 billion, in addition to regarding $29 billion for the first phase, bringing the total investments to regarding $40 billion within 10 years.
Al-Saeed explained that the Fund succeeded months ago in launching the first integrated green ammonia production plant in Africa and emerging markets in partnership with a number of international companies, noting that today’s signing marks the beginning of investment partnerships and new projects, all of which contribute to achieving the goals of the National Green Hydrogen Strategy.
The Minister of Planning added that the Sovereign Fund of Egypt seeks, in turn, to promote Egypt as a regional center for green energy, and this is reinforced by the serious approach by the state and all its institutions to stimulate investment in this sector, which comes at the forefront of the targeted sectors within the framework of investment incentive packages launched by the state in the recent period, whether from Through the decisions of the Supreme Council for Investment last May or through the decisions and legislation issued in this field.
For his part, Ayman Soliman, CEO of the Sovereign Fund of Egypt, said: “The Fund is receiving continuous and increasing interest from investors in green hydrogen projects, and today’s signing reflects the growing interest of companies in joining the Egyptian green hydrogen program, which reflects the country’s progress on the right path through establishing a clear program.” “The landmarks are fully-fledged and supported by all state agencies, noting that this is evident in the investment incentives that were approved last January to enhance the competitiveness of projects established in Egypt.”
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