Egypt's Push for Green Hydrogen Investment
Key Ideas
- Minister al-Khatib highlights the importance of economic reforms in promoting investments in technology, renewable energy, and infrastructure in Egypt.
- Meetings in Brussels with Euroclear group and Deme Hyport Energy focus on boosting financial cooperation and discussing opportunities for green hydrogen and green ammonia production.
- The Ministry of Investment supports the green hydrogen project in Egypt, which has a total investment cost of 24 billion euros over three phases.
- Deme Hyport Energy plans to invest 3 billion euros in the first stage of the project, showing a strong commitment to expanding in the Egyptian market.
Minister of Investment and Foreign Trade Hassan al-Khatib emphasized the positive impact of economic reforms by the Egyptian government on creating an investment-friendly environment, particularly in sectors like technology and renewable energy. During his visit to Brussels, he discussed the potential for growth and sustainable development in Egypt with executives from the Euroclear group, focusing on enhancing financial cooperation and expanding the group's activities in the Egyptian market. Additionally, al-Khatib met with Giuseppe Stefani, the General Director of Deme Hyport Energy, to explore investment opportunities in Egypt, specifically in the production of green hydrogen and green ammonia. Both parties expressed enthusiasm for the project, with the Ministry of Investment pledging full support. The estimated investment for the three phases of the green hydrogen project in Egypt totals 24 billion euros, showing a significant commitment to renewable energy initiatives in the country. Deme Hyport Energy plans to invest 3 billion euros in the initial stage, signaling a strong dedication to furthering their presence in the Egyptian market.