Egypt and Japan Collaborate on Green Hydrogen Investment
Key Ideas
- CEO of GAFI meets with JBIC delegation to discuss financing mechanisms for Japanese firms investing in Egypt, focusing on green hydrogen projects.
- Egypt aims to capture eight percent of the global green hydrogen market by 2040 and become a major renewable energy exporter to Europe.
- Cooperation between Egypt and Japan is seen as pivotal for development, technology transfer, and attracting Japanese investments.
- Three Japanese firms, Otsuka, Sumitomo, and Yazaki, have received licenses to operate in the Egyptian market, marking successful collaborations.
The CEO of the General Authority for Investment and Free Zones (GAFI) in Egypt engaged in discussions with a delegation from the Japan Bank for International Cooperation (JBIC) led by Kenny Kitamura to explore sustainable financing mechanisms for Japanese companies looking to invest in Egypt. JBIC emphasized a focus on green hydrogen projects and expressed their willingness to provide funding directly or through partnerships with Arab funds in Egypt. The collaboration aims to support Egypt in capturing a significant share of the global green hydrogen market by 2040 and establishing itself as a key renewable energy supplier to Europe. The Egyptian government's interest in Japanese investments stems from their potential for technological advancements and developmental contributions. Noteworthy interactions have taken place between GAFI and various Japanese entities, including the Japan Business Association (JBA), Japan External Trade Organization (JETRO), and Japan International Cooperation Agency (JICA). Additionally, successful partnerships have already been established with three Japanese companies – Otsuka, Sumitomo, and Yazaki – who have obtained licenses to operate in the Egyptian market.