Egypt and France have entered into a significant €7 billion agreement to establish a large-scale green hydrogen and ammonia production complex near Ras Shokeir on Egypt's Red Sea coast. The project, developed in partnership with EDF Renewables, Zero Waste, and Egyptian authorities, is set to become operational in three phases, aiming to produce 1 million tonnes of green ammonia annually by 2029. This initiative, entirely financed by the private sector, aligns with Egypt's goal to lead in clean energy and green fuel exports. The deal, signed during French President Emmanuel Macron's visit to Egypt, highlights the deepening economic cooperation between the two nations. The project's first phase requires €2 billion in direct investment and plans to start with 300,000 tonnes of green ammonia production annually. The agreement emphasizes job creation, with a commitment to local labor, and the localization of green energy components such as electrolyzers and solar panels. Egypt's Deputy Prime Minister for Industrial Development praised the project for aligning with national directives to boost the green hydrogen industry and position Egypt as a global leader in sustainable practices. The investment, structured to recover costs over five decades, will benefit Egypt through various financial means and help reduce greenhouse gas emissions, supporting the country's climate commitments. Additionally, the project is strategically important for Egypt's energy transition, offering sustainable alternatives for the industrial sector and potentially reducing the reliance on natural gas reserves. It also aims to provide green fuel for ships passing through the Suez Canal, enhancing the country's role in the global renewable energy landscape while creating job opportunities and promoting economic growth.