Egypt Secures $33 Billion for Green Ammonia Projects

In a significant development for Egypt's renewable energy sector, the country's sovereign fund has inked four agreements with European developers to invest $33 billion in green ammonia projects.

The joint agreements were overseen by Prime Minister Mostafa Madbouly at the EU-Egypt Investment Conference in Cairo. The signing ceremony was attended by key figures, including Mohammed Shaker Al-Marqabi, Minister of Electricity and Renewable Energy, and Hala El-Said, Minister of Planning and Economic Development.

The first agreement, valued at $11 billion, was signed with DAI Infrastructure for a green ammonia project at East Port Said. The second deal, worth $4.25 billion, was made with Ocior Energy for a project at Al-Sokhna Port targeting European markets. A third agreement, involving Arab Energy and Voltalia, will establish another green ammonia project at Al-Sokhna Port for $3.46 billion. The fourth and largest agreement, totaling $14 billion, involves British Petroleum, Masdar, Hassan Allam Utilities, and Infinity Power Holding, who will develop a project at Al-Sokhna Port.

These investments aim to bolster Egypt's economy, which has been affected by geopolitical tensions in Gaza and Sudan and rising inflation.

Source: Fast Company Middle East